What effect has the new £1 coin had on businesses so far? The new coin is billed as the most secure coin in the world. It was brought in because the old coin was vulnerable to counterfeiting and there were thought to be some 45 million fakes ones in circulation.
The new coin is modelled on the old threepenny bit, a coin that disappeared after decimalisation was brought in during the early 1970s. It is two-colour, and it incorporates state-of-the-art technology so that it can be checked at all points of the cash cycle.
The old ‘round pound’ ceases as legal tender in October this year. Businesses and customers have been urged to start taking their coins to the bank for exchange. There are some banks and building societies that have said they will accept the old pound coins after October, but only from existing customers. The Royal Mint’s advice for businesses includes making certain coin receiving equipment can take the new pound coin, though the co-circulation of pound coins might make that tricky.
The Independent reports that the change is a difficult one for SMEs, as they have already taken on burdens such as pension auto-enrolment and have the prospect of quarterly tax returns to consider. The head of enterprise at the Institute of Chartered Accountants (England & Wales), Clive Lewis, told the paper that the new pound coin only added to the financial hit that SMEs have taken.
Councils have also expressed their concern, as they will need to adapt parking meters.
Please see our website for our range of Coin Handling products and contact us if you would like to discuss your business requirements.