In March 2017, the new £1 coin will be introduced.
The main reason for its introduction is to make £1 coins more difficult to forge – it is currently estimated that 3% of all £1 coins in circulation are counterfeit.
The Royal Mint is planning to produce 1.5 billion of the new coins which will allegedly be the most difficult coin in the world to counterfeit.
The new design will have 12 sides (similar to the old threepenny bit), be made from two metals and even include a hologram-like image that changes from a ‘£’ symbol to the number ‘1’ when viewed from different angles.
Business have widely supported the launch of the new coin as it will reduce the chances of them receiving a fake coin, but will it work in vending machines, lockers, supermarket trollies etc?
The coin has been designed to have rounded edges which will mean that it will still roll - and therefore theoretically work in parking meters and vending machines. Lockers and supermarket trollies use different mechanisms though and it is unclear exactly which ones will or won’t work with the new coin.
The existing coins will continue to be legal tender alongside the new ones until September 2017.
Trolley coin keyrings, branded with your company details, continue to be a promotional best seller and new versions will no doubt be available to launch alongside the new £1 coin.