British pound won’t be round for much longer

Businesses in England are being urged to prepare for the country’s historic new £1 coin, which will enter circulation in March 2017.

On Oct. 31, the Royal Mint’s new website – thenewpoundcoin.com – went live as part of a campaign entitled, “Is your business ready?” The Royal Mint is supporting all businesses affected as the 30-year-old pound coin is brought out of circulation and replaced with a new 12-sided version, which the mint claims will be “the most secure of its kind in the world.”

The updated coin is an attempt to combat counterfeiters, who have “around 45 million counterfeit £1 coins currently in circulation,” claims the mint. New security features include a hologram-like image that changes from a “£” symbol to the number “1” when the coin is seen from different angles. It also has micro-lettering and milled edges.

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The new coin’s dimensions have been changed, too; it is thinner, lighter in weight and has a ‘slightly larger’ diameter.

David Gauke, chief secretary to the treasury, said the introduction of this new £1 coin will be a “highly significant event,” adding the government is working with mint to ensure everyone is ready for the transition.

“The pound as we know it will not be round for much longer. 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.”

Adam Lawrence, Royal Mint chief executive, said the new 12-sided £1 coin was designed using “cutting-edge technology” at the mint’s South Wales site.

“We would encourage business owners to visit the website as soon as possible, to find out how the new £1 coin could affect their business and what steps they need to take to prepare for the launch of the coin in March 2017.

For more information, visit thenewpoundcoin.com.

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