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Retail NI urges businesses to get ready for £1 coin ‘Changeover’

With less than 100 days to go until the old round pound loses legal tender status, Retail NI is encouraging its members, consumers and other businesses that are yet to prepare for the new 12-sided one pound coin, to do so now.

Retail NI Chief Executive Glyn Roberts said:

“2017 has seen big changes to banknotes and coins and it is vital that local retailers and consumers are aware of the deadline for the old pound coin losing legal tender status”

“There will be more new 12-sided pound coins in circulation than round pounds by the end of July. Some businesses have waited for this changeover period before upgrading their machines. However, now the time has come”

“Northern Ireland businesses need to check equipment and communicate with their customers about the change as the October 15th deadline approaches”

Exchequer Secretary to the Treasury, Andrew Jones MP, said:

“We are now reaching the point where there are more new 12-sided pound coins in circulation than round pounds. With less than 100 days before the old round pound ceases to be legal tender, the clock is ticking. We are urging businesses who are yet to do so, to update their systems and inform their customers ahead of the October 15 deadline.” 


CEO and Deputy Master of The Royal Mint, Adam Lawrence, said:

" The Royal Mint is very proud to have delivered the new 12-sided one pound coin and ensuring a smooth transition is now our top priority. We hope our announcement about the changeover point in July will encourage those businesses who have not yet upgraded their equipment to do so ahead of the October 15th deadline.”

Following this announcement, businesses across the UK are being encouraged to:

  • upgrade any remaining equipment to accept the 12-sided £1 coin; if their equipment continues to accept round pounds then they may be at risk of being targeted with counterfeit coins; 

  • bank round and 12-sided pound coins in separate bags; 

  • bank their round pound coins first, when possible; and 

  • encourage their customers to spend their round pounds first before the October deadline. 


 

For more information or if you have a question about the new one pound coin, please visit www.thenewpoundcoin.com or email newonepoundcoin@royalmint.com. 


Glyn Roberts 07515710517