Fresh coins and notes are on their way into the UK, but the suppliers of money handling equipment do not see problems for products which use coin and bill entry for amusement and gaming machines.
A new high-security £1 coin is now being turned out of the UK Royal Mint at the rate of over 4,000 per minute and will enter circulation in March 2017. It is the first time in over 30 years that the current £1 coin is being replaced and it is happening because of increased sophistication by counterfeiters.
The new coin is 12-sided and reminiscent of the old threepenny piece in pre-decimal days. According to Chancellor George Osborne, the new coin will be “the most secure circulating coin anywhere in the world.” New ground-breaking technology - developed in Wales - has been used with a design depicting all four of the UK nations - England, Wales, Scotland and Northern Ireland.
The level of counterfeit coins in the UK has reached three per cent, or about 45 million coins. The plans are for a six-month co-circulation period for the old and new coins. The new coin is bi-metallic and has a nickel-brass outer and nickel-plated homogenous non-ferrous inner.
The new coin will mean considerable expense in adjusting the country’s coin machines, both amusement and gaming and vending equipment. Dr Matthew Strong, technology director at ITL, one of the UK’s primary suppliers of money handling equipment, said: “Our coin systems are suitably prepared for the introduction of the new £1 coin and we do not foresee any major issues going forward. We are happy that the Royal Mint has taken measures to address the security concerns related to the previous £1 coin with the new coin providing a vast number of long-term benefits.”
All ITL coin hoppers will accept the new coin after a simple, free currency update.
Meanwhile, new, wipe-clean plastic banknotes will be introduced later this year. The polymer bills will stay cleaner longer and will be more secure - even surviving inside a washing machine. The £5 note will be first to be replaced with the £10 note following. Public opinion has been gauged across the UK with a view to a final decision being taken in December of this year.
