Businesses urged to get ready for new £1 coin

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A new campaign has been launched to support retailers and other major businesses in preparation for the new £1 coin. Supporting the ‘Is your business ready?’ campaign is a new website, providing businesses with materials to help with the currency switch in March next year.

David Gauke, the chief secretary to the treasury, said: “The pound as we know it will not be round for much longer. 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.”

Security has clearly been top of the treasury’s agenda with the new pound coin calling on all the key anti-counterfeit techniques available. And the task is pretty significant with 45 million fake £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 as well as micro-lettering and milled edges.

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

The site referenced is the source where industries are encouraged to download helpful materials to guide people through the new coin components.

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