New 12-sided £1 coin set to come into circulation

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Businesses are being urged to start readying their customers for the arrival of the new 12-sided £1 coin.

The new currency replaces the old pound which has is being retired after 30 years in circulation due to chronic counterfeiting.

The new design and security features should make it harder for criminals to counterfeit the coins.

March 28 marks the start of a 6-month co-circulation period where customers can spend and accept both the old and the new coins.

This period ends on October 15, when the transition from old to new is expected to be nearing completion, although banks will still be obliged to change over old coins for customers and return the retired currency to the Royal Mint.

At RBS, Ian Mears oversees cash, coins and ATM operations and is looking forward to the long-term benefits.

“As we begin to process coins, we are legally obliged to remove counterfeit coins at a cost to ourselves,” he says.

“We’re working hard getting ready for this launch and redirecting customers and staff to the new £1 coin website where there’s a lot more additional information available.”

The most efficient resource available to a business to facilitate a smooth transition is its staff.

Treasury Department Manager for Translink John Keys says: “We’ve had to assess the impact to determine what changes we need to make.

“The introduction will impact customers, staff and cash-handling equipment,” he says.

“The main effect will be on our staff to make sure they’re all fully briefed on what needs to be changed.”

To find out more, visit royalmint.com/newonepoundcoin to find out more about how you and your business can prepare your staff and cash-handling equipment for the co-circulation period.

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