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Update on New £1 Coin from The Royal Mint

Following on from communication in 2016, this is an update in relation to industry communications for the new 12-sided £1 coin.

Although overall the picture is positive, we know that some businesses are still not prepared for the new £1 coin and we are asking that you encourage those members who have not already done so to visit www.thenewpoundcoin.com to consider what they need to do before it’s introduction.

We are also continuing to communicate with industry in a number of ways outlined below:

Public and Business Communications Campaign

On New Year’s Day, a press release from HM Treasury announced that the new 12-sided £1 coin will be introduced on 28 March 2017 and that the current round £1 coin will lose its legal tender status at midnight on 15 October 2017. This had national and regional media coverage.

In relation to our communication tools:

  • www.thenewpoundcoin.comhas been updated to reflect the most recent information and FAQs. This includes downloadable leaflets and posters in English and Welsh. The 2min educational video can also be downloaded from the website.
  • we are continuing to encourage businesses to prepare for the new £1 coin by targeting trade media– using industry case studies from different sectors e.g. gambling, transport, parking and banking – and using the most recent public announcements. This includes encouraging businesses to check if they have equipment that accepts the new £1 coin and to contact their equipment supplier (if they have not already done so) to discuss any required upgrades.
  • we are posting on The Royal Mint social media channelswith messages about upgrading equipment, training staff and making arrangements for the co-circulation period. We are also targeting high cash transaction sectors with these posts. Please follow us at:

Ø LinkedIn: https://www.linkedin.com/company/the-royal-mint

Ø Facebook: https://www.facebook.com/theroyalmint

Ø Twitter: ‏www.twitter.com/royalmintuk (@RoyalMintUK)

 

 

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