New secure pound coin goes into circulation in UK

Royal Mint of the new £1 coin featuring a rose leek thistle and shamrock emerging from a Royal Coronet based on a design by 15-year-old David Pearce from Walsall. PRESS ASSOCIATION

Around four million new pound coins are being produced each day and Peterborough residents can now expect to find them in their change in the coming days and weeks.

Some of the new £1 coins will be made from melted-down round pounds. It is also made of two different coloured metals, like the current £2 coin.

With around half a million vending machines across the United Kingdom, the Automatic Vending Association (AVA), said that upgrading to ensure all machines can accept the new coin by October 15, when the current round £1 coin ceases to be legal tender, will be a "major operation". During this time, retailers will be able to accept both coins and are advised to return old and new coins in separate bags to the bank to enable them to quickly process the change.

Adam Lawrence, CEO and deputy master of The Royal Mint, said: "Here at The Royal Mint, we're very proud to have designed and manufactured the new 12-sided £1 coin".

"The BPA has been working closely with The Royal Mint and HM Treasury to ensure that its members, who include local authorities, parking operators, and parking machine manufacturers, are ready to accept the new £1 coin wherever possible at launch".

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Peterborough City Council has said changes to vehicle parking payment machines in the city are underway, but not all machines have been upgraded yet.

Many coin-operated machines have not yet been modified and supermarket-giant Tesco will unlock some of its trolleys as it performs upgrades. "By 2025, barely eight years into the life of the new pound coin, it's estimated that cash will account for barely a quarter of transactions".

The new-look £1 coin has arrived in Nottingham earlier than expected.

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G4S, the world's leading security company, will play a major role in the release to the public of the new 12-sided £1 coin, which is due to be launched tomorrow.

The British Parking Association explained that parking spots in rural areas are the most unprepared for the change as many machines are too old to be modified. The coin is bimetallic, with the outer ring being nickel-brass and gold in color, while the inner silver ring is nickel-plated alloy. Towards the back end of previous year, we were able to get sample coins to start the reprogramming process.

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The legal status of the old round £1 coin will be withdrawn on October 15.

It's only five years old, but this commemorative coin is already worth £50 - and collectors are snapping them up.

KitKat chaos also looms, with 15% of Britain's 500,000 vending machines unable to accept the new coin, despite the industry spending £32m to upgrade them.

At launch, around 300 million £1 coins will be pumped into the United Kingdom economy and for several months both old and new versions will be able legal tender. On its promotional page, the Mint declares that the "pound won't be round for much longer" but a WorldPay survey suggests many people think it will also not be around.

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