The New £1 Coin
While we understand the Royal Mint and The Treasury’s position in wanting to protect the integrity of the UK currency and reduce the level of fake coins in operation throughout the UK, it is regrettable that the upgrades required to vending machines to accommodate the new £1 coin will incur considerable costs for our operator members.
In 2011, the new 5p and 10p coins were introduced at a cost to the industry of £28.9m and it is estimated that the upgrades required for the new £1 coin will cost approximately £32m to ensure that the estimated 500,000 vending machines in the UK are ready to accept the new coin.
Since the consultation process began on the new coin, we have been working closely with the Royal Mint to ensure that the concerns of membership were heard.
Now that the coins’ design has been finalised and its introduction draws close, we continue to work closely with the Royal Mint to mitigate cost issues and keep our members up to date with a resolution to their unique set of issues with the new coin.