2016-11-26 Sat

UK’s new £1 coin will be released in March 2017 and businesses that make use of vending machines are being asked to stay prepared for this new release. The 12 sided new coin has many new security features, eliminating any possibility of counterfeiting activities. Businesses which make use of vending machines would have to upgrade their technology so that it detects the new coin. All the information regarding these upgrades is mentioned on the Royal Mint website.

The new £0.05 and £0.10 coins were last changed in 2011 and the costs incurred by businesses using vending machines totalled to £28.9 million. The new coin is going to be issued after the UK issued new polymer £5 note this year and before it is going to release a similar £10 note next summer. .

Officials said that the government would not be offering funds to upgrade the vending machines. After the release of the new notes, a cost of £75 per machine will have to incurred for making the upgrades. This amounts to a total of £2.6 million.