Look after the pennies and the pounds look after themselves seems to be ringing true right now, as pound coins are making a switch. The new coin is looking after itself and is now in circulation but what does this mean? Despite promises by supermarkets in regards to their self-serve machines, surely this will impact small businesses, children’s piggy banks and lost money.
With recent uproar regarding the new five-pound note that was released just last year, it seemed to in now way deter the introduction of more changes to our currency. The great British pound does under-go a transformation from time to time but some the negative impact cannot be completely side-stepped
But first, why the change?
Many of the claims include security and fraud-prevention. This new coin is a 12-sided one whether intricate detailing, the additions mean that this coin will be difficult to counterfeit. It’s said by The Royal Mint that around one in 30 pound coins are an imitation. The ‘tatty’ old coin has been replaced by something that mimics the style of the current £2 coin.
The Features of the New Coin
· The new pound coin includes a new hologram and micro lettering, both adding to the security of this new Great British Pound
· In terms of the aesthetics of the new coin, it’s a lot nicer on the eye and consists of 12 sides. It has a different colour centre and is a little shinier.
· The dimensions of the coin has changed, thus the replacement of trolleys, machines and ticket meters. It is now 2.8mm in thickness, 8.75 grams in weight and the diameter is just over 23mm.
Breaking the Bank
Breaking the piggy bank that is. For all those that are in-between saving up, it means breaking into your closed tin and swapping all of your coins. Little ones will have to smash up their piggy bank early and start looking through it for old pound coins, is it all worth it? Well, who knows, but there’s going to be some distraught kids having to replace coins and piggy banks. The last five pound sparked anger as many learned that the note contained animal fat and now many might be a little bemused as they look to open their savings and have to trade all of their coins.
A lot of the smaller businesses will feel the impact of changing their vending machines, trolleys or any other machines they may have. With the change of shape and dimensions, the old machines will not accept this pound coin. So it means replacing ticket machines, trolleys, vending machines, self-service check-out and others. Boots, Tesco, Post Offices and other companies have confirmed that they have been ready since day one, but it’s caused havoc at train stations. It’s said that 10/18 London stations didn’t update their machines in time. The Royal Mint highlights how it can affect each individual and companies too, many shops or other businesses are being asked to change their machines over as soon as possible.
We’ve all had a day where we’ve tidied around and ended up with a few extra quid. Our money falls to the back of sofas, under our car seat and other obscure locations. But what happens if we don’t realise this straight away? It’s best to get looking now, but you have until 15th October to use this tender. Although shops will no longer accept any of those coins by that date, you can still swap them in the bank. So although you pretty much have an unlimited time to change over your coins, you want to be sure that you’re not an unsuspecting owner of a counterfeit when exchanging in the bank.
By Daniel Treasure, 30 March.