With one week to go before the new 12-sided pound coin is introduced, a Simply Business poll shows that almost a quarter of businesses think that it will make life more difficult.
On 28 March the UK’s new pound coin will be launched, featuring state-of-the-art security features including a hologram-like image and micro-lettering.
There’s a period of overlap as old-style pound coins can still be used until they stop being legal tender on 15 October.
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Businesses prepare for the new coin
Retailers and vending machine operators have been preparing for the new coin with equipment upgrades, software updates, and staff training.
A Simply Business poll late last year found that most small businesses were relaxed about the introduction of the new coin, with 77 per cent of respondents saying it shouldn’t make life more difficult for their businesses.
However, a significant minority of businesses were concerned: 23 per cent reckoned it would make things harder.
What to do over the next few months
The Royal Mint website advises businesses that during the ‘co-circulation’ period while both versions of the pound are still in use, old and new pound coins should be given to the bank in separate bags.
During this period, you can accept both coins from your customers, and your equipment can accept or dispense both types of coin or just one. You need to tell your customers which coins are accepted.
Once the old coin is out of use, your equipment must be able to accept the new pound coin. You’re under no obligation to accept the old coin from your customers, and you shouldn’t distribute it. You can tell customers that their bank should still accept deposits of old pound coins.
Is your business prepared for the introduction of the new pound coin? Tell us in the comments.