The Treasury has urged businesses to prepare for the introduction of the new 12-sided £1 coin, which the government hopes will help combat the production of counterfeit coins. In order to tackle this issue, a hidden ‘high security feature’ has been added to the new £1 coin, in an effort to make its design harder to replicate.
The government has called for firms which handle cash to adapt or upgrade their equipment and train their employees on the features of the new coin, which will come into circulation on 28 March 2017.
Following its introduction, there will be a six-month period during which both the old and the new coin will be in circulation. Both will be accepted as legal tender during this time. The new coin will then replace the existing 30-year-old coin, which will be demonetised after 15 October 2017.