New One Pound Coin

2017 promises to be a year full of new things and one of those will find its way into your pockets and purses, a brand new £1 coin. This coin will be like nothing we’ve seen before and the challenges it poses for the vending machine industry across the United Kingdom are many fold. As Kent’s leading vending machine company UKVending will be helping all their clients with the changeover to the new coinage which comes into circulation in March 2017.

So why are we getting rid of our old £1 coins? The simple reason is for better security against counterfeit coins. An estimated one in thirty of the coins currently in circulation are thought to be fakes! The Royal Mint has spent many years battling counterfeiters who have become increasingly clever in how they introduce fake coins into the British economy and the new 12 sided £1 coin is they believe the solution.

In the lead up to the introduction of the new £1 coin the Royal Mint has created a new website instructing everyone about the benefits of the new design at www.thenewpoundcoin.com. So how will it affect you if you have an UKVending machine in your premise? Simply put all machines will need to be modified in order to accept the new currency by replacing the coin mechanism inside. The Royal Mint has developed the 12 sided coin with all the familiar rolling characteristics of the old coin, but the new design will still not be accepted by most vending machines and the estimated 100,000 parking machines at car parks, at least initially. 

At UKVending we expect the changeover to be smooth with your machines being upgraded to the new standard in time and with minimal fuss and inconvenience.