The New £1 Coin

8 Aug, 2016

Author:

no comments

New Pound Coin and Vending Machines

The New £1 Coin

Are you ready for the change?

In 2014 the government announced its intention to introduce a new £1 coin, which will enter circulation in March 2017.

Designed by 15 year-old David Pearce and adapted by professional artist David Lawrence, the new coin will be a 12-sided, bi-metallic, bi-colour coin with milled edges and a diameter of approximately 23mm from point to point.

The Royal Mint

Why the change?

In 2014 the government announced its intention to introduce a new £1 coin, which will enter circulation in March 2017.

First issued in 1983, the current £1 coin is one of the oldest British coins in circulation. During this time it has become vulnerable to counterfeiting, with approximately one in every thirty £1 coins being fake.

The new design introduces a highly secure coin, which seeks to end high costs to taxpayers and the general public.

Will the current and the new £1 be in circulation at the same time?

Yes, the current £1 and the new £1 coins will co-circulate for 6 months.

Following the six-month co-circulation period, legal tender status of the old £1 will be withdrawn.

What does this mean for my vending machines?

As with any re-coinage, all businesses that handle cash need to plan and prepare for the introduction of a new coin. This includes the vending industry, and any mechanical or electronic machines that accept coins.

What steps do I need to take?

At SVS we’re dedicated to supporting and working closely with our clients to ensure the transition from March 2017 is a smooth one. To get the process started, we’ve listed some brief details below of the processes required for each of the models of vending machine that we manufacture.

Different conversion procedures are required depending on the make and model of the vending machine(s) you own.

All Locwil and E-Vend Mechanical Vending Machines manufactured before September 2016 will require conversion in order to accept the new £1 coin.

 

Locwil Vending Machines

Existing £1 Locwil Vending Machines

This is a simple conversion which can be done on-site and in situ. The conversion procedure does not require the coin mechanisms to be removed.

Conversion turnaround on-site is swift, allowing your machines to be back in running order very quickly.

Locwil Vending Machines

Existing 20p Locwil Vending Machines

This conversion will require coin mechanisms to be removed and returned to the factory.

Once received at the factory, we would expect to dispatch converted vending machines within a few days (subject to the quantity of your machines).

 

E-Vend Vending Machines

Existing E-Vend Machines

This conversion also requires coin mechanisms to be removed and returned to the factory.

Once received at the factory, we would expect to dispatch converted vending machines within a few days (subject to the quantity of your machines).

Electronic Vending Machines

Existing Electronic Multi-Vend Machines

Requires coin mechanisms to be removed and returned to the factory for re-calibration.

Once received at the factory, we would expect to dispatch converted vending machines within a few days (subject to the quantity of your machines).

 

I’m still unsure about what I need to do. Who can speak to?

If you’re unsure about which conversion procedure you need to follow, or if you have any queries about the process, please call us and we’ll be happy to help.

Call the SVS team on +44 (0)1743 291 737

Alternatively, you can reach us via email at sales@securevendingsystems.co.uk.

Vending machines for modern lifestyles

GET IN TOUCH

Secure Vending Systems Limited
Unit 3, Shires House
Battlefield Enterprise Park
Hussey Road
Shrewsbury
SY1 3TE

Company Number: 07438797