Brace yourself, retailers: The new pound coin is coming
Britain's retailers have been told to get ready for the arrival of the new pound coin which is drastically different to the current coin.
Hot on the heels of the new plastic fiver, the 12-sided £1 will arrive in March next year, giving shops across the country five months to get ready, if they haven't already.
The government is launching a campaign to raise awareness about its arrival, and top of that list is a reminder to check any equipment that handles £1 coins, since a dodecagon peg will not fit in a round hole.
In fact, the use of the new coin in things like vending machines is expected to come at a price for the makers of the equipment. The introduction of new five and 10 pence coins in 2011 came with a price tag just shy of £30m, say the Automatic Vending Association.
However, the new shape – modelled on what some may remember as a threepenny bit – and other features of the new coin are designed to combat forgeries which account for around £45m worth (three per cent) of all £1 coins currently in circulation.
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"The pound as we know it will not be round for much longer. The introduction of this new £1 coin will be a highly significant event and we are working with The Royal Mint to ensure key industries are ready and to ensure a smooth transition," said chief secretary to the Treasury David Gauke.
"The new £1 coin will be the most secure of its kind in the world and its cutting-edge features will present a significant barrier to counterfeiters, reducing the cost to businesses and the taxpayer."