Retailers to plan for introduction of ‘edgy’ pound coin

Retailers to plan for introduction of ‘edgy’ pound coin

Retailers and cash handling companies should begin preparations for the introduction of a new pound coin featuring an edgy design.

The Royal Mint is producing 1.5 billion of the 12-sided coins, which will enter circulation in March 2017.

The final specification and method of introduction were decided after a ten-week public consultation.

The reverse side of the coin, the ‘tails’, shows the English rose, the Welsh leek, the Scottish thistle and the Northern Irish shamrock emerging from one stem within a royal coronet
The reverse side of the coin, the ‘tails’, shows the English rose, the Welsh leek, the Scottish thistle and the Northern Irish shamrock emerging from one stem within a royal coronet

Her Majesty’s Treasury and The Royal Mint are continuing to work with industry to introduce the new coin in a manageable way.

The new coin has a number of features to make it more difficult to counterfeit, including a “hidden high security feature” which, according to the Royal Mint, is built into the coin.

As well as its 12 sides, the distinctive coin is bimetallic – composed of two metals. The outer ring is gold coloured (nickel-brass) and the inner ring is silver coloured (nickel-plated alloy).

It also features a latent image which, like a hologram, changes from a ‘£’ symbol to the number ‘1’ when the coin is seen from different angles.

Micro-lettering is another new feature, with minute inscriptions on the lower inside rim on both sides of the coin.

Milled edges appear as grooves on alternate sides around the coin.

HM Treasury said it was urging businesses of all sizes to visit the New Pound Coin website to find out how to get ready for the change, and to download helpful materials to help educate and train staff.

Final specification of the new £1 coin

  • Shape: 12-sided, with rounded edges (‘radial chords’) and corners
  • Diameter: Maximum (point-to-point) 23.5mm; minimum (edge-to-edge) 22.7mm
  • Metallic composition: Nickel-brass outer; nickelplated homogeneous non-ferrous inner
  • Thickness: 2.8mm
  • Weight: 8.61g
  • Additional features: The Royal Mint’s new anti-counterfeiting technology; milled edges

David Gauke, the chief secretary to the Treasury, said: “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.

“The new £1 coin will be the most secure of its kind in the world and its cutting-edge features will present a significant barrier to counterfeiters, reducing the cost to businesses and the taxpayer.”

Adam Lawrence, chief executive of The Royal Mint, added: “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.”

After the new coin is introduced in March, there will be a six month ‘co-circulation period’, after which the current £1 coin will be demonetised and no longer legal tender.

 

In preparation for the launch of the new £1 coin in March 2017, HM treasury is advising you should:

  • Check whether you operate equipment that handles the £1 coin;
  • Contact your equipment supplier to find out if you need to make any adaptations or upgrades and by when;
  • Make the necessary changes to your coin handling equipment; and
  • Train your staff on the features of the new £1 coin. Materials to support staff training are available to download for free at www.thenewpoundcoin.com. This includes leaflets and videos.
  • Agree with your bank or cash in transit (CIT) provider how to return the current £1 coin and new £1 coin during the co-circulation period.