New £1 Coin and Vending Machines

The New £1 Coin and Vending Machines?

You may have heard that the Royal Mint is introducing a new £1 coin in March 2017. We have a look at why this is happening, and the effects it will have on vending machines.

Why bother to change the One Pound coin?

According to the Royal Mint, as many as one in thirty pound coins in circulation are counterfeit. The new design, with its 12 sides, is intended to be impossible for even the most sophisticated counterfeiters to reproduce.

What will the New £1 Coin look like?

The Royal Mint claims the new coin is the most secure coin in the world! In addition to its unique 12-sided shape, the coin is made of two metals – gold coloured nickel-brass on the outer ring and silver coloured nickel-plated alloy on the inner ring. It also has a hologram type image which changes from a £ symbol to a number one when the coin is viewed from different angles, and a hidden security feature which will protect it from counterfeiting for years to come.

New £1 Coin – So when will this happen?

The new £1 coin will be introduced in March 2017. Both the new and the old pound coin will be legal tender until September 2017. After September 2017, businesses will be told to stop accepting and distributing the old round pound coin. Most high-street banks and post offices will accept the old coins when customers deposit them into their accounts.

What impact with this have on our vending machines?

Here at Commercial Vending Services, we have already upgraded all our vending machines to accept the new pound coin as well as the old pound coin, so our customers have nothing to worry about.
By the Autumn of 2017, all vending machines in the UK should be able to handle the new pound coin, and will no longer accept the old pound coin.

Where can I find out more about the New £1 Coin?

The new pound coin has its very own website! www.thenewpoundcoin.com