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New pound coin: Treasury urges businesses to prepare for launch of 12-sided £1


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Harder to fake: The new £1 coin to be in circulation in 2017

Businesses are being urged to prepare for the new look pound coin.

The coin, which will be brought into circulation from March, will have 12 sides insted of being round.

The Royal Mint and the Government are taking the 30-year-old coin shape and replacing it with a brand new design based on the threepenny bit.

According to the Treasury, it will be the “most secure of its kind in the world” and will combat counterfeiters who have around 45 million fake £1 coins currently in circulation.

New security features include a hologram-like image that changes from a pound symbol to the number one when the coin is seen from different angles.

Cash-handling firms and those that operate vending machines have been directed to a website to help guide them through the transition as part of a campaign.

David Gauke, Chief Secretary to the Treasury, said: “The pound as we know it will not be round for much longer.

Today I will deliver a Budget for a resilient economy – starting with a resilient pound coin pic.twitter.com/Ev2IuNpXg4

— George Osborne (@George_Osborne) March 19, 2014

“The introduction of this new £1 coin will be a highly significant event and we are working with the Royal Mint to ensure key industries are ready and to ensure a smooth transition.”

Former chancellor George Osborne tweeted a sneak peak of the new coin two years ago and now businesses are being advised to put in place include adapting or upgrading equipment so they are able to handle the new coin.

Other recommended measures include training staff on the features of the new £1 coin and making arrangements with their bank to return the current and new coins in separate packaging.

Adam Lawrence, chief executive of the Royal Mint, said: “We would encourage business owners to visit the website as soon as possible to find out how the new £1 coin could affect their business and what steps they need to take to prepare for the launch of the coin in March 2017.”

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