New £1 coin and Vending Machines

Have you heard about the new £1 coin?

Time is running out for businesses to face the fact that the old coin, with us since the early 1980’s is being phased out and replaced by a new 12 sided coin that could cause problems for those wanting to use vending machines.

The new coin is being introduced on March 28 and six months later the old coin will no longer be legal tender. In the three months since Christmas the Royal Mint has already taken 50 million £1 coins out of circulation. You probably didn’t even notice, not surprising when you think that this accounts for just 3 percent of the total floating around the United Kingdom.

From March 28 vending machines, car parking meters and other coin operated systems that have not been updated and refitted to accept the new coin will have to display signs warning customers that they are unable to accept the new coins.

It has been estimated by industry professionals, The Automatic Vending Association, that around 40 percent of the UK’s 500,000 vending machines will not have been refitted by the deadline in October.