Retailers told to prepare for new £1 coin
Published: 1 March 2017 - Jenny Wonnacott
In just under a month, a new pound coin will be introduced into circulation and the 30-year-old current coin will begin to be phased out.
Retailers are being encouraged to prepare for the arrival of the new £1 coin later this month. Image by Royal Mint.
Retailers are being encouraged to ensure their coin-operated machines are fully up to date and prepared for the new coin, which will have 12 sides. The new coin will be introduced on March 28 and for a period of six months both coins will be acceptable in shops.
However, the Bank of England has told retailers that after October 16, 2017, they are “under no obligation to accept the round £1 coin from your customers” and “should not distribute the round £1 coin.”
It follows the introduction of the new £5 note last year, with the old one expected to be out of circulation by May.