Monday 9 January 2017

How Will A 12-Sided New £1 Coin Affect You?

£1 Coin

Its 12-sided shape was chosen by the Royal Mint because it’s the most “secure” design that fraudsters will struggle to clone.

It will also have a hologram symbol that looks like a £ sign or 1 depending on what angle it’s viewed from.

But is the country prepared for the brand new quid?

Following the launch of the new fiver last year, some ticket machines and food vending machines were unable to accept the new tender.

However, it looks as though everyone is going to be better prepared this time.

Royal Mint has told businesses (and people) up and down the country they need to be ready for when the old pound stops being legal tender on October 15.

This means anyone with a stash of change has six months to nip into the bank and swap it.

The Automatic Vending Association has confirmed it is sending out engineers to upgrade approximately 500,000 engineers to upgrade vending machines in the UK.

And while it will reportedly cost millions to do, operators are expected to make the cash back through a reduction in the number of forged coins that go into their machines.

Parking and ticket machines are also going to be a similar story, with updating work already being carried out.

But there could be issues for people that own their one coin slot machines.

The owner of Llandudno pier in North Wales has claimed the new quid is going to cost him more than £50,000, according to the Daily Post in Wales.

Arcade boss Adam Williams said his amusement machines will need reprogramming or possibly thrown away altogether, with it reportedly topping £500 per machine.

Lockers in leisure centres may also be a problem as they only accept the round pound, meaning private gyms will have to foot the cost.

And supermarket giant Asda confirmed it has already started work to ensure its trollies can take the new coin.

A spokesman for the chain said: “Our customers needn’t worry about our trolleys. They will accept both the new £1 coin as well as the current version and trolley tokens.”

Other chains including Aldi, Lidl, Sainsbury’s, Tesco and Morrison’s have made similar statements, saying their customers won’t be affected by the change.

So if all goes to plan, it looks as though it’ll mostly be a smooth change-over to the new quid.



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