Following the introduction of the £5 polymer note last September, E-Service has been preparing to help operators get ready for the new £1 coin and £10 polymer note.
E-Service is ready to help operators with the upcoming currency changes as the new £1 coin comes into circulation in March and the new £10 polymer note is released later in the summer.
Mike Clokie, managing director at E-Service, explained the timetable ahead: “Amusement, gaming and vending
machine operators can start work with us immediately to install the essential software upgrades to their coin and banknote validators. The new £1 coins have already been released to currency equipment manufacturers, and E-Service expects to have a complete range of new firmware for both the new €50 and polymer £10 note to deploy from the leading suppliers in the coming weeks.”
Early preparation and calibration of coin and note equipment is the key to a smooth transition, believes Clokie.
“We are available to attend customer’s site and help pull together a complete upgrade plan for all your equipment, if this would help,” he explained. “We have some time and cost-saving ideas for currency counters, change machines and other hardware that can help make a huge difference to your currency upgrade plan.”
These ideas include complete ‘D.I.Y Tools’ from E-Service, which allow operators to re-calibrate and upload the new firmware themselves. To further assist leisure sector operators, E-Service has prepared and published its own ‘Guide to the New UK Currency Upgrade’, which is available free of charge from the company’s website.
“This is a simple to use, comprehensive overview of which hardware can be updated and which must be replaced,” explained Clokie. “The E-Service team can also provide all sorts of other benefits, including trade-in offers, advance replacements and field engineer visits that will make life a great deal easier for busy arcade and bingo hall managers who need these currency upgrades to be carried out swiftly, smoothly and without unnecessary expense.”
The new £1 coins and polymer notes will co-exist in people’s wallets and pockets for a considerable amount of time, further emphasising the need for leisure centres, gaming operators and holiday parks to prepare well in advance. HM Treasury expects that 50 percent of the old £5 notes will have been removed by 1 January 2017, and that 99 percent will be out of circulation by June 2017, when the old note ceases to be legal tender. The estimated 433m £1 coins that are still in circulation will need to be paid into banks before midnight on 15 October 2017.
“It’s a significant industry challenge ahead” concluded Clokie “but I am confident that the E-Service team are equipped and ready to help our many clients across the UK & Europe. The good news for everybody is that the new £1 coins and polymer notes will be amongst the world’s most secure currencies going forward. Back in 1696 when the Great Recoinage Act was passed, 10 percent of the nation’s coins were fakes and counterfeiters were being hanged from the gallows! I’m sure we can all take comfort that things will go a little more smoothly in the 21st Century….!”