NEW £1 Coin
As you read this, 10 giant presses in South Wales are striking 40 new £1 coins a second. The 12 sided coins, are hot off the press as they land off the machine into a big plastic crate.
The new coins will enter circulation on March 28th and gradually replace the familiar round coins. The Royal Mint’s presses are working 24 hours a day, 7 days a week with more than 750M coins already made.
It is also the time to raid your piggy banks. In October, the old £1 coins will become obsolete. You will not be able to pay for your shopping with them, or use them to release the lock on the shopping trolley.
So why are they introducing a new £1 coin? It is mainly to combat counterfeiting and to boost customer confidence in the currency. According to the Royal Mint, about one in 30 of the familiar pound coins currently in circulation are thought to be forgeries. The new design, with 12 sides, known as a dodecagon, is significantly more complex and therefore much harder to fake.
With the launch date of the 28th March fast approaching, the Royal Mint has already started to deliver them to safe houses around the country. You may see one straightaway, although the Royal Mint believes it will take about a month for the new 12 sided coins to reach most banks and retailers. It expects that by August more than half of the £1 coins in circulations will be the new 12 sided ones.
The 15th October is the date the old round £1 coins will no longer be legal tender. You will only be able to exchange them in banks or at the post office, although this might not be simple. The Royal Mint suggests you contact your local post office or bank to find out any specific arrangements they have to exchange the old coins after the 15th October.
So will the new 12 sided £1 coin be accepted everywhere from 28th March? Yes, it should be, however a teething period is expected as machines that accepted the old round coin are updated to take the new 12 sided coin, such as vending machine, lockers, parking meters, fruit machines, pool tables etc.
Many businesses including Comrie are working hard to make sure they will be ready to accept the £1 coin.
So whilst we wait for the launch of the new £1 coin, go and empty your piggy banks, not forgetting the children’s piggy banks before they become obsolete.
Do not forget to make sure your gaming and amusement machines are all ready for the new £1 coin. At Comrie all our engineers are working hard to make sure all our Fruit machines, pool tables, jukeboxes, Digital gaming machines are converted to accept this new coin from the day they are introduced. If you have not had your machines converted yet get on the phone to your gaming machine supplier or if you contact Comrie about fruit machine hire all are new machines are delivered to site ready for the introduction of the new coin on the 28th of march.