The new £1 coin, complete with 12 sides and hologram imaging is coming into circulation on the 28th March. KSV Vending are preparing for this, with arrangements and options for customers to update the coin mechanisms on equipment well in hand. This will be the UK’s first hologram coin with an image of a “£” symbol changing to a “1” as the coin is tilted intended to help stop counterfeiting. It is estimated that around 3% of all existing £1 coins in circulation are fake.
It is important for us to all realise that unlike with bank notes once the old £1 coins cease to be legal tender on the 15th October that’s it, they are valueless as old coins cannot be banked after their withdrawal date. There are estimated to be up to £400 million in £1 coins stashed away in savings jars, drawers etc., so be warned…….. use it or lose it by mid-October!
But there is some good news in the confirmation from most Supermarkets that the new coin WILL fit their shopping trollies from the start so no fishing for an old £1 coin or trolley token.