29 Mar 2017

The New Pound Coin Is Here

Have you used coins to pay for anything recently? Me neither.

But you'll know there's a shiny new pound in circulation and that it's quite a nice thing to look at, Being twelve sided, both silver and gold, with The Queen's head on one side and everything. There will be special editions to mark special occasions, so collectors will be happy.

But do we need a new pound coin? I'll answer that at the end. But first, here's all you need to know about the new one pound coin.

Fakers, the game's up

pound coins
In today's fake news, 3 per cent of these are not real. Or are they really fake. 

The new one pound coin contains a raft of security measures designed to prevent counterfeiting, including a hologram that changes from a £ symbol to a 1 when you tilt it. If you need to know numbers, of the 1553 million pound coins in circulation, as many as 3% more are completely fake and remembering my retail days, they are extremely hard to tell apart.

Will businesses swallow the cost

vending machines
I dreamt last night that I was drowning in Coke. But I woke to find it was only a fanta sea. Phew.

If your business has any kind of a coin slot, it's going to hurt. Be it a locker room, a laundromat, vending machines, arcade machines, if they accept pound coins, they will need to be reconfigured to take both the new and the old round pound until October, when the old pound is phased out.

As a ball park figure, according to the British Parking Association, it's going to cost at least £90 per machine. And it's not just the smaller retailers, Tesco got caught out by the deadline, and will be leaving all their trolleys unlocked until they can complete the changeover.

The unknown cost to the taxpayer

Government and The Royal Mint are being very tight-lipped when it comes to revealing their research, development or production costs. I googled it for a whole ten minutes and came up with nothing. 

The cost to banks

bank station
There's a good service on the Central Line, Mind the gap

To change all their coin counting equipment, not to mention the weight of transporting a heavy metal currency from one place to another, even though the new coin is a fraction lighter... I couldn't care less really.

But after all of that, do we really need a new one pound coin

doctor who
Can I reverse the polarity of your neutron flow? Didn't think so


Ok, so I get that a replacement coin is needed because of all the duds out there, but it would have been a GREAT opportunity to begin phasing out coins altogether. 

We could make a switch to contactless & chip and pin cards ...

Or ... bring back £1 notes. I'm serious. Surely they would be cheaper to produce than metal coins and  be just as durable and secure as the polymer £5 notes.

I never carry loose change in my pockets, except for commuting via Liverpool Street Station and that's only 30p for the loos, and they have a change machine incidentially.

So I'm apologising to all the charity collectors I have to avoid eye contact with. Although I read some will soon have contactless pads on their buckets.

And finally, a familiar tale

The other week I needed to see a client in Bishop's Stortford and I chose to park in Jacksons Square, which I found to my peril has pay and display machines that only accept coins. So I had little choice but to park, scanning the area for traffic wardens, march off to find a cash machine, then in to Waitrose to buy something to get change to put in to the machine.

I'm sure everyone has done a version of that. 

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About the Author


Author & Editor

Anthony is a SEO, Social Media and Money Saving Blogger | Business Development Manager | Husband | Father to a noisy toddler | Optimistic | Boundless Enthusiasm | Fortunate!

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