11 December 2017
visit www.aciworldwide.com

The pound will not be round for much longer

31 October 2016  |  7524 views  |  1 new £1

If Britain is on the verge of becoming a cashless society the UK Treasury and Royal Mint clearly did not receive the memo as they kick off a campaign to help retailers and other major businesses to prepare for the imminent arrival of a new 12-sided £1 coin.

Coming soon after the issue of a new batch of synthetic five pound notes, the Royal Mint has established a business-readiness Website as part of a campaign to spur beleaguered retailers and vending machine operators to upgrade facilities in preparation for the March 2017 launch of the new coin, which was first announced in the 2014 Budget.

Billed as the most secure coin in the world, it features a bi-metallic construction, similar to that of the current £2 coin, two colours, 12 sides and the Royal Mint's new anti-counterfeiting technology, iSIS, which can scan and verify coins as authentic within seconds. Other security features include a hologram-like image that changes from a ‘£’ symbol to the number ‘1’ when the coin is seen from different angles. It also has micro-lettering and milled edges.

The drive to reduce counterfeit coins comes as data from the Royal Mint estimates that three per cent of all £1 coins, or 45 million, that are currently in circulation are forgeries - a figure which reaches six per cent in certain parts of the country.

David Gauke, the chief secretary to the Treasury, says: "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."

Comments: (1)

Peter Robinson
Peter Robinson - Liberti Consulting - Northampton | 31 October, 2016, 12:47

The costs to retailers, terminal vendors et al, will be huge! I hope that they'll be adequately compensated for all the upheaval and additional costs this will cause. Perhaps now is the time for all parking meters and other vending machines to be upgraded to accept contactless transactions at the same time.

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Cashing out

Cashing out

03 October 2016  |  9244 views  |  1 comments | 16 tweets | 23 linkedin
Brits expect cashless society within 20 years

Brits expect cashless society within 20 years

21 June 2016  |  9445 views  |  7 comments | 28 tweets | 22 linkedin
Swedish central bank calls halt on moves to a cashless economy

Swedish central bank calls halt on moves to a cashless economy

18 March 2016  |  23095 views  |  3 comments | 43 tweets | 49 linkedin
Cashless society like a mirage in the desert

Cashless society like a mirage in the desert

01 March 2016  |  11751 views  |  12 comments | 15 tweets | 14 linkedin

Related blogs

Create a blog about this story (membership required)
visit http://info.nice.comvisit www.solutions.lexisnexis.comvisit www.atos.net

Who is commenting?

Top topics

Most viewed Most shared
Revolut lets customers buy Bitcoin, Litecoin and EthereumRevolut lets customers buy Bitcoin, Liteco...
18425 views comments | 26 tweets | 22 linkedin
Saxo Bank's 'Outrageous Prediction': Bitcoin to peak at $60k next year before spectacular crashSaxo Bank's 'Outrageous Prediction': Bitco...
11335 views comments | 7 tweets | 7 linkedin
Deutsche Bank paper hails 'huge' blockchain potentialDeutsche Bank paper hails 'huge' blockchai...
7712 views comments | 15 tweets | 21 linkedin
Santander UK poaches Barclays innovation chief Michael HarteSantander UK poaches Barclays innovation c...
6609 views comments | 8 tweets | 17 linkedin
Barclays, First Direct and Nationwide join FCA sandbox cohortBarclays, First Direct and Nationwide join...
6014 views comments | 5 tweets | 12 linkedin

Featured job

Competitive base, commission, benefits
London, UK

Find your next job