The Royal Mint announced in 2014 that a new Pound Coin would be launched in an attempt to combat counterfeiting. It was estimated that 1 in 30 pound coins were counterfeit. Fast forward to 2017 and the new Dodecagon (12 sided polygon) shaped coin, with several new security features is here. It is hoped that this new coin will be impossible for fraudsters to replicate due to its intricate design, thus resulting in the avoidance of significant losses in revenue being borne by the taxpayer.
Features of the New Pound Coin
The new thinner and lighter bi-metal coin became legal tender on the 15th of October 2017 after a six-month introduction phase, with the old pound coin still being accepted for deposits in High Street Bank and Post Office accounts for a short period after this date, or donated to some charitable organisations.
The coin, produced by The Royal Mint is now deemed to be the most secure coin in the world, and having been designed on the old three-penny bit, it has a number of features that make it much more difficult to counterfeit.
- 12-sided – its distinctive shape makes it instantly recognisable, even by touch.
- Bimetallic – it is made of two metals. The outer ring is gold coloured (nickel-brass) and the inner ring is silver coloured (nickel-plated alloy).
- Latent image – it has an image like a hologram that changes from a ‘£’ symbol to the number '1' when the coin is seen from different angles.
- Micro-lettering –it has very small lettering on the lower inside rim on both sides of the coin. One pound on the obverse “heads” side and the year of production on the reverse “tails” side, for example 2016 or 2017.
- Milled edges – it has grooves on alternate sides.
- Hidden high security feature – a high security feature is built into the coin to protect it from counterfeiting in the future.
Coin Counters Save Businesses Time and Money
With the introduction of the new coin, the task of coin counting for any business may have been made easier, due to lighter coins and a more recognisable shape and design, however it does not reduce the valuable time lost in performing this laborious undertaking. Businesses are always striving to make time and cost savings, and coin counters provide a solution to this challenge, alongside many other benefits such as reductions in human error and more accurate counterfeit detection.
- Save time
- More accurate than humans
- No second count verifications required
- More hygienic
- Prevention of fraud and theft
- More affordable to the smaller businesses
- Free staff up to perform other duties
- Ability to secure cash quicker
When it comes to coin sorting and counting, coin counters are now deemed essential by many businesses and organisations who handle large amounts of cash on a daily basis:
- Small businesses e.g. Bakeries, Newsagents, Grocery Stores etc.
- Bars & restaurants
- Petrol stations
- Post Offices
- Leisure centres and sports organisations
- Charities & schools
- ……. and many more besides.
However, the new pound coin has implications for cash handlers.
It’s Time to Upgrade Your Coin Counter to a Safescan 1250 Model!
Your existing coin counter is now obsolete and new Cash Counter models are required to accommodate the new £1 coins.
At Barrington Security, we stock the Safescan Coin Counters range. The original 1200 model has now been replaced by the Safescan 1250 model which recognises the new pound coin. A SafeScan 1250 UK Coin Counter is available, alongside a Euro Coin Counter version.
With over 25 years’ experience in the security industry Barrington Security offer professional reliable products, including a range of coin counter models to suit any business, be it a traditional bricks and mortar establishment as well as mobile options for the on the move enterprise. Coin counters sort, accurately count and batch your coins and have options for displaying the differential totals of denomination, overall totals and include foreign currency counting options also.
With millions of businesses in the UK and Ireland accepting cash as payment, can your business really do without an effective way to manage cash handling?