Following our blog back in September in reference to the new pound coin, The Royal Mint have now announced release dates.
There are three main time frames that will help businesses like us to prepare for the new change in currency:
- October 2016 to March 2017
Preparation for the new coin
Our vending equipment needs to be checked and suppliers contacted to find out what adjustments need to be
made and when they need to be made by
- March 2017 to September 2017
When the new pound coin and old pound coin are in circulation at the same time
- Autumn 2017
Withdrawal of old pound coin from circulation
All coin handling equipment needs to accept the new pound coin only, no old pound coins can be accepted. The old pound coin can still be deposited into your account at most high street banks and the Post Office
GEM will ensure that all our vending machines are set up and prepared to take the new pound coin for the co-circulation period (March – September 2017). Jonathan Hart, chief executive of the Automatic Vending Association, said he was confident that the nation’s machines would be ready.
“We will continue our work to ensure that members of the vending industry are fully informed and prepared for the changes in order that the transition be as smooth as possible”
Check out this video from the royal mint website to find out more information on the coin: