Sunday, 8 January 2017

Pound Not Round For Long

The current £1 coin is being replaced for the first time in over thirty years because of its vulnerability to sophisticated counterfeiters.The new 12-sided pound will be phased in from 28th March 2017. Approximately one in thirty £1 coins in circulation is a counterfeit. That is why we are introducing a new, highly secure coin on 28 March 2017 to reduce the costs of counterfeits to businesses and the taxpayer. However all machines accepting cash, whether it's in exchange for a rail ticket or a chocolate bar, will have to be updated. A website has been set-up offering training on the phasing in of the new less round pound.