HM Treasury and the Royal Mint have launched a new campaign and website to support businesses to prepare for the demise of the old £1 coin and the introduction of the new twelve-sided one, which comes into circulation in March 2017.

Businesses of all sizes are being encouraged to visit the New Pound Coin website to find out how to get ready for the change, and to download helpful materials to help educate and train staff. All cash handling businesses should take the following steps before March 2017:

• Check whether they operate equipment that handles the £1 coin
• Contact their equipment supplier to find out if they need to make any adaptations or upgrades
• Make the necessary changes to their coin handling equipment
• Train their staff on the features of the new £1 coin, and
• Make arrangements with their bank or cash in transit provider to return the current £1 coin and new £1 coin in separate packaging.

The new coin is designed to be much more difficult to counterfeit, with an estimated 45 million counterfeit £1 coins currently in circulation.