You need to change your £1 coin return locker locks to accept the new £1 coin. The round pound is to be replaced by a 12-sided coin in March 2017.
The Treasury has announced that a new 12-sided £1 coin will enter circulation on the 28th of March 2017 and the old style rounds coin will go out of circulation by mid-October. You will need to change your £1 coin return locker locks to accept the new £1 coin. Discounts are now available for replacement locks, and also for the conversion kits – which are a much cheaper option.
The Government is launching a campaign to encourage the public to return the round coins. They must be exchanged before the 15th of October when they will cease to be legal tender. The first new £1 coin since 1983 is an attempt to end counterfeiting. It is estimated that 3% of current coins in circulation are fake. The new coin will be the most secure in the world, with several security features including a hologram.
David Gauke, the Chief Secretary for the Treasury, said: “the 28th of March should be an important date in everybody’s calendar – as we will have a new quid on the block. Our message is clear: if you have a round pound coin, you need to spend it or return it to your bank before the 15th of October.”
About 40% of locker locks and vending machines will have to be upgraded. This can be done using conversion kits from Lock Doctor Services Limited, or by replacing the whole lock. The Royal Mint has put the cost of changing all the UK’s machines at £15-20 million although many experts believe this may be optimistic.
Helen Dickinson, Chief Executive of the British Retail Consortium, said she believed businesses would be ready. “While there would be a natural transition period, where some [locker locks] may only be able to accept the existing coin, our industry is committed to ensuring we’re fully prepared ahead of the launch.”
The Royal Mint has produced more than 2.2 billion round pound coins since 1983, when it replaced the note. Now, the Royal Mint will make more than 1.5 billion of the new 12 sided coin, whose design is based on the threepenny bit.
Discounts are now available for replacement locks and also for the conversion kits from Lock Doctor Services Limited.
To place your orders, email email@example.com or order online from www.lockdoctor.biz.