Does your business operate a vending machine? Is your vending machine ready to accept the new £1 coin in 2017?
The new 12 sided £1 coin will enter circulation on 28th March, 2017; 1.5 billion new one pound coins are to be released by the Royal Mint. The new 12-sided £1 coin has new dimensions and therefore all vending machines that take cash payments will need to be updated to accept the new one pound coin. It is thinner than the current £1 coin at only 2.8mm, lighter and yet slightly larger at 24.42mm in diameter.
This is the first time in over 30 years the £1 coin is being replaced; primarily because of its vulnerability to sophisticated counterfeiters. (Approximately one in thirty £1 coins in circulation is a counterfeit).
If you operate a vending machine in Leeds, Bradford, Yorkshire and wish to have it updated to accept the new one pound coin, West Yorkshire Vending Solutions Ltd are offering a full £1 coin vending machine update service from just £90.
When do you need to update your vending machine to accept the new £1 coin.
The new £1 coin in released on the 28th March so if you want your vending machines to accept the new £1 coin in time for its release please contact us now to arrange a suitable time for us to update your vending machine. We can update most vending machines to accept the new £1 coin from just £90.
The existing £1 coin will also be in circulation until the 15th October, 2017. During this time you are under no obligation to accept the new £1 coin, and your vending machine can continue to dispense the old £1 coin as change. You will however, need to inform your customers which coins your vending machine can accept.
From 16th October all coin handling vending machines should be able to accept the new £1 coin as the old round £1 coin will be demonetised. Whilst you are under no obligation to accept the new £1 coin you should not distribute the old £1 coin even though it can still be deposited at most high street banks and the Post Office after this date.
Guidance for your business and how to prepare for the new £1 coin
For further information on the new £1 coin please visit the Royal Mint website, and for further guidance for your business and how to prepare for the introduction of the new one pound coin, please visit the New One Pound Coin website.
Update your vending machine to accept the new £1 coin from just £90!
If your business operates a vending machine in Leeds, Bradford or throughout Yorkshire, you’ll need to get your vending machine updated to accept the new £1 coin, due to arrive shortly, on 27th March, 2017. Contact us now to arrange for your vending machine(s) to be updated to accept the new £1 coin from as little as £90.