Retailers prepare as new £1 coin enters circulation

David Pearce of Queen Mary's Grammar School in Walsall won a nationwide competition to design the new £1 coin back in 2015

As the new 12-sided £1 coin enters circulation, a survey shows that a third of Brits think that cash will be obsolete within just three years. To begin with, unlike any other coin in circulation in the United Kingdom, it has 12 sides, making it instantly recognisable as you fumble around in your pocket or purse.

As well as being thinner, lighter and a little bigger than its predecessor, the "most secure coin in the world" boasts a hologram-like image and micro-sized lettering inscribed inside its rims by advanced laser systems.

The coin has been designed especially to combat fraudsters, as the Royal Mint estimates one in every 30 pound coins now in circulation is a fake.

"Today marks the start of the six-month transition period, so I'd urge everyone to make sure they spend, return or donate their old round pounds before October 15".

G4S will also help to remove the old £1 coins from circulation as they pass through the business' branches and eight coin centres, sending them for recycling.

The switch to a new £1 has meant that vending machine operators, parking machine suppliers, locker providers and others, who use the coin to operate customer facilities have had to carry out an upgrade across their estate.

However, Cumbria's district, borough and city councils are determined not to be caught out, and most have already taken steps to ensure key machines - such as those in vehicle parks - have been upgraded.

Tesco, one of the biggest United Kingdom supermarkets, will unlock their shopping trolleys for customers with the new style.

The front and back of the newly issued one-pound British coin.




YouGov data reveals that over 82 million £1 coins are now stashed away across the south east. There are two different metallic parts to the coin (the inner and outer) and the Royal Mint explains the 12-sides of the coin makes it recognisable even by touch.

Kew Gardens 50p coins commonly sell for £50 each on eBay - although there are always optimistic sellers listing them for far more.

"It has to be done because by the autumn of this year, the old pound coin will be out of circulation and we won't be able to accept them anymore". United Kingdom authorities allege a Dutch coin maker manufactured 30 million copies over seven years.

Meanwhile, new research claims that coins and notes could disappear from the United Kingdom entirely in just over 25 years.

They described updating the vending machines as a "major operation" and estimated that it would cost the industry £32m, but said they supported the actions taken to reduce the level of fake coins.

G4S cash in transit crews delivered a million pounds in new £5 notes to locations around the country by 6am on the day of the launch on 13 September a year ago.

However, there are some fears of chaos as it remains to be seen if all machines across train stations and parking metres are able to accept the new diameter coins.

The legal status of the old round £1 coin will be withdrawn on October 15.

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