New Pound Pound
The new UK £1 coin will enter circulation in March 2017.
The Royal Mint is producing more than 1.4 billion of the new coins.
Here are some current news articles with more information about the circulation of counterfeit coins.
Why is the £1 coin changing?
At Budget 2014, the government announced its intention to introduce a new and highly secure £1 coin into circulation. The current £1 coin, first issued in 1983, is one of the oldest British coins in circulation. Over time, it has become increasingly vulnerable to counterfeiting. Roughly one in every 30 £1 coins in circulation is now a counterfeit, generating a significant cost to taxpayers, industry and the general public.
When will the legal tender status of the existing £1 be withdrawn?
Following the six-month co-circulation period, the legal tender status of the existing £1 will be withdrawn.
*information adapted from:
http://www.royalmint.com/newonepoundcoin
What can I do about my existing £1 coin operated products?
Speeder can offer replacement mechanical and electronic coin mechs.
These can act as a direct replacement for your current mechanism and are capable of accepting both the old and new style £1 coins which will be required during the 6 month transition period
An alternative solution
If you do not want to replace your current coin mech, Speeder also offers T01 tokens suitable for replacing the old style £1 coins. These tokens are exclusive to Speeder and are accepted by our previous coin mechs that have been set to take £1 ’round pound’ coins.
