Today, Tuesday 28th March 2017 marks the day the new 12 sided £1 coin enters circulation.
Introduced to reduce the amount of counterfeit coins, this new coin has been labelled the most secure, and even has a hologram which makes it near impossible to create replicas.
The old £1 coin will remain in circulation until the 15th October 2017, where it will cease to be legal tender. Make sure you spend, deposit or exchange your old coins before then or you may find yourself out of pocket.
What do you need to know?
Whilst many machines have been updated, not all have. Here’s a list of what to be aware of so you don’t get caught out.
- Supermarkets – Sainsburys and Asda have changed their trolley locks to accept the new £1 coin, and Tesco have confirmed they will unlock their trolleys until they can be updated. All still accept the old £1 coin.
- Vending machines – 85% of these accept the new £1 coin already, and all still accept the old coin.
- Car parks – As some machines are older and cannot be upgraded, car parks are working to replace their old equipment and all new machines will accept the new coin. Most machines have the option to use notes, other small change and use your mobile phone to text a code in order to pay. People will still receive fines if they are only carrying new £1 coins as there is usually always another way to pay.
- Trolley tokens – New 12 sided tokens will be created, however all trolleys will still accept the old token too.
- Banks – You’re advised to deposit your old coins before 15th October 2017.
- Arcades and Casinos – These are in the process of being upgraded and they still accept the old coins.