A new campaign has been launched to help the hospitality industry prepare for the introduction of the new £1 coin next year.
From March 2017, the pound as we know it will be brought out of circulation and will be replaced with a new 12-sided version. Hotels, restaurants and bars are now being encouraged to visit www.thenewpoundcoin.com to find out how to get ready for the change. Some initial steps you can take before March 2017 include:
• Check whether your business operates equipment that handles the £1 coin
• Contact your equipment supplier to find out if you need to make any adaptations or upgrades
• Make the necessary changes to your coin handling equipment
• Train staff on the features of the new £1 coin
• Make arrangements with your bank or cash in transit provider to return the current £1 coin and new £1 coin in separate packaging
David Gauke, Chief Secretary to the Treasury, said: “The pound as we know it will not be ’round’ for much longer. The introduction of this new £1 coin will be a highly significant event and we are working with The Royal Mint to ensure key industries are ready and to ensure a smooth transition.
“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.”