The Royal Mint has begun manufacturing the new £1 coin, ahead of its launch in March 2017. Industry, businesses and all coin handling equipment must be ready to use and accept it from its introduction.
As with any recoinage, all businesses which handle cash will need to plan and prepare for the introduction of the new £1 coin. Coin handling equipment will need to be calibrated or upgraded and staff must be trained and educated on the features of the new coin.
From the date of introduction, there will be a six-month period of co-circulation. Following this period, the existing £1 coin will be demonetised and its legal tender status removed. The Royal Mint will continue to engage with industry stakeholders through key trade association events and also bilateral meetings where required. Industry readiness will be monitored and measured before launch, and during the transition period, by conducting periodic surveys. Should you require support or additional information as an operator or manufacturer, please contact The Royal Mint who will endeavour to facilitate the necessary assistance.
Should you have any specific questions relating to the new £1 coin project, please contact: newonepoundcoin@royalmint.com