More than 1.5 billion new £1 coins have been produced by the Royal Mint ahead of its March launch, with businesses set to prepare staff and coin handling equipment for its introduction.

Claimed to be the most secure coin in the world, the 12 sided, bi-metallic coin features a latent holographic image when seen from different angles and a ‘hidden high-security feature’ to prevent the coin from counterfeiting.

The new pound will replace the existing coin, which the Royal Mint estimates that 1 in 30 in circulation are currently a Counterfeit.

Dates to consider for businesses:

Up to March 2017

• Check whether you operate equipment that handles the £1 coin.
• Contact your equipment supplier to find out if you need adaptations or replacements and by when.
• Make the changes to your coin handling equipment.
• Train your staff on the features of the new £1 coin.
• Consider any changes to your cash handling processes e.g. counting, storing and banking during the co-circulation period.

March to September 2017

• You can accept both coins from your customers.
• Your equipment may be able to accept or dispense both £1 coins or just one. Please check with your equipment suppliers.
• You will need to tell your customers which coins your equipment can accept.
• You should make arrangements with your bank or cash in transit (CIT) provider to return the current £1 coin and new £1 coin in separate packaging.

Autumn 2017

• All your coin handling equipment should be able to accept the new £1 coin.
• You are under no obligation to accept the round £1 coin from your customers and you should not distribute the round £1 coin.
• The round £1 coin can continue to be deposited into a customer’s account at most high street banks and the Post Office*

*check with your bank for more details, including

deposit limits.