The new pound coin has launched to help prevent counterfeiting. It’s caused quite a stir online with people voicing some strong opinions both in favour and against the new coin, but wherever you stand on the design, your business will need to be aware of what the change could bring.
How the new coin is different
The new pound coin will be different in a number of ways. Rather than being round, it will have twelve sides with grooves on alternate edges and will be made of two different metals. It will also feature a latent image – like a hologram – which will change from the £ symbol to a number one when looked at from different angles. There is also a hidden security feature built into the coin to prevent counterfeit coins being made. Did you know that approximately one in every thirty pound coins you take from your customers will be a counterfeit?
What does it mean for businesses?
The new coin changes a few things. You might want to think about:
- Checking your equipment to see if it takes the old pound coins
- Adapting or changing any equipment to accommodate the new pound coin
- Training staff about the features of the new coin
- Chatting with the bank and arrange the cashing in of your old coins
Between March 2017 and September 2017 both pound coins will be in circulation and will be accepted as legal tender. During this period you could:
- Accept both types of coins from your customers
- Confirm with your equipment suppliers and let your customers know which coins your machines can take
- Agree with your bank or cash in transit (CIT) provider how to return the old coins
After September 2017, you can no longer accept the old, round pound coins from your customers and you should not be giving them back out as change from your business transactions. The old coins should still be able to be deposited into your account, but you will need to check with your bank to confirm that’s the case and find out what your deposit limits.
Training your staff
In times of change, your staff will look to you for guidance. You can get them ready by sharing the details of the new coin and letting them know about the actions you are taking to incorporate them in your business. Make sure you find the time to train your staff with these tips.
The new pound coin website has resources that you can access to help inform you staff about the new coin, and to help them understand what to look out for when they start being circulated. There are leaflets and posters that are free for you to download and share with your staff.
The new pound coin has been designed and created to prevent counterfeiting. Though initially its new size and shape might cause some disturbance in your business operations, these can be quickly and easily resolved with help from your equipment supplier and an arrangement with your bank.