Member Article

Government hopes for smooth transition to replace round pound

The government has today launched a campaign to support British businesses in preparation for the historic new £1 coin, which comes into circulation in March 2017.

The government and Royal Mint, the body permitted to strike British coins, are supporting all businesses affected as the 30-year-old pound coin is brought out of circulation and replaced with a new 12-sided version.

Today a new website goes live - as part of the ‘Is your business ready campaign?’ - providing businesses with materials aimed to support them in their preparation for the new coin, which comes into circulation in March 2017.

The new pound coin will be the most secure of its kind in the world, says the government, to help combat counterfeiters who have around 45 million counterfeit £1 coins currently in circulation.

New security features include a hologram-like image that changes from a ‘£’ symbol to the number ‘1’ when the coin is seen from different angles. It also has micro-lettering and milled edges.

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

“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 are hugely proud of the new 12-sided £1 coin, which has been designed using cutting edge technology at our South Wales site.

“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.”

Businesses of all sizes are being encouraged 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.

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