The new 12-sided £1 coin, is your business ready?

The current £1 coin is being replaced for the first time in over thirty years because of its vulnerability to sophisticated counterfeiters.
New £1 coin

Important information relating to your G4S Cash Banking Process

Around one in thirty £1 coins in circulation today is a counterfeit. The new highly secure coins will be introduced as of Tuesday 27 March. The new coin will help reduce the cost of counterfeits to businesses and the taxpayer.

All businesses which handle cash will need to prepare before the new £1 coin is introduced.

The new £1 coin is very different to the old one. This means that you will need to upgrade your coin handling equipment and train staff on the features of the new coin.

Coin handling equipment includes vending machines, car park ticket machines, leisure centre lockers, supermarket trolleys, gaming machines, self-service checkouts, cash counting machines and any other machine that accepts £1 coins. 

Before March 2017, you should:

  • Check whether you operate equipment that uses the £1 coin
  • Contact your equipment supplier to find out if you need to make any adaptions or upgrades
  • Make the necessary changes to your coin handling equipment
  • Train your staff on the features of the new £1 coin. Materials to support staff training are available to   download for free at the Royal Mint dedicated new £1 coin website: www.thenewpoundcoin.com
Tuesday 28 March 2017 will see the introduction of a new 12-sided £1 coin, designed to combat counterfeiting. Is your business ready for the new coin?
The Royal Mint The new £1 coin
Both the old and new £1 coins will be legal tender until 15 October 2017. On 16 October 2017 the old £1 coin will no longer be legal tender, meaning you can refuse them, however they still retain their value and G4S will still accept the old coin as part of your Banking after this date. 

 
From 28 March 2017 (The hard launch date) only the new 12 sided £1 coin will be issued by the Banks. Following the launch, change orders made up by G4S Bulk Cash Departments will contain only the new style £1 coin.

 During this co-circulation period of two types of £1 coin, you will notice that you will be accepting both the old and new style coin from your customers. Please be aware that during this co-circulation period you will be required to keep the old and new coins separate before remitting them with your banking to G4S.

 For customers such as car park, ticket and vending operators, there are no requirements to change from the current process.

 For Customers who remit large amounts of £1 coins to full bag level, (£500 maximum) a new purple coin bag will be introduced for the new £1 coins. These will be available to order prior to launch via your normal coin bag ordering process. The bags will be available the week commencing 6 March 2017.

 For Customers who only take small amounts of £1 coin it will be expected that they will be separated as old and new at sachet level (£20 maximum plastic inner coin bag).

 We understand that cash is the lifeblood of your business. We take pride in securely handling your money and managing the process so that it reaches your bank account as quickly and efficiently as possible. During the co-circulation period however, the mixing of the old and new £1 coins together, may delay the process and could mean we do not achieve the deadline for notifying your Bank of that day’s credit amount.

If additional costs are incurred by G4S in processing your coin due to both old and new coins being mixed in error then an extra charge for the additional time taken may be levied against you.

 Please help us to make this transition of the old £1 coin to the new coin during the period of co-circulation as seamless as possible by separating them prior to submitting your Banking to G4S.

 For further information regarding the new £1 coin including the design, timeline of events and some useful FAQs please visit The Royal Mint’s dedicated new pound coin website:-  http://www.thenewpoundcoin.com

If you have any further questions beyond the information provided please contact our customer services on Tel: 0844 8004205 or e-mail g4scustomerservices@uk,g4s.com]
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