Advertisement

  1. ITV Report

12-sided pound coin: Firms told to prepare for new ultra-secure currency

The 12-sided coin is looking to combat counterfeiters who have around 45 million counterfeit £1 coins currently in circulation. Credit: The Royal Mint

Businesses have been urged to prepare for the introduction of the new 12-sided pound coin, described as the "most secure of its kind in the world", before it is released into circulation in March.

Cash-handling firms and those that operate vending machines have been directed by the Treasury to a website - thenewpoundcoin.com - to ensure a smooth transition with the circular 30-year-old pound coin set to go out of circulation.

The 12-sided replacement's security features include a hologram-like image that changes from a £ symbol to the number 1 when the coin is seen from different angles.

There will be a six-month crossover period when the current round pound coins and the new pound coins are both in circulation. Credit: HM Treasury

The Government claims the coin will combat counterfeiters who have around 45 million counterfeit £1 coins currently in circulation.

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.

– David Gauke, Chief Secretary to the Treasury

Some of the measures businesses are being advised to put in place include:

  • adapting or upgrading equipment to handle the new coin.
  • training staff on the features of the new £1 coin.
  • making arrangements with banks to return the current and new coins in separate packaging.