Will the new one pound coin affect your business

The new, 12 sided coin became legal tender from 27 March 2017. Businesses that deal in cash transactions, or use equipment that accepts the £1 coin should take note of the following:

The 28 March 2017 to 15 October 2017 is nominated as the co-circulation period for the new £1 coin. What this means is:

  • You can accept both old and new coins during this period.
  • When you take coins to the bank you will need to separate into old and new varieties.
  • Equipment vendors should reconfigure machines to accept both coin types.

In any event you will need to advise customers which coin or coins can be used.

From the 16 October 2017, the old coins will no longer be legal tender. Accordingly:

  • all your coin handling equipment should be able to accept the new £1 coin.
  • you are under no obligation to accept the round £1 coin from your customers and you should not distribute the round £1 coin.
  • the round £1 coin can continue to be deposited into a customer’s account at most High Street banks and the Post Office. Best to check with your bank for more details, including deposit limits.

Time to empty your piggy banks. According to the Royal Mint more than 1.5 billion new coins will be produced, and presumably, 1.5 billion old coins removed from circulation.

 

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