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27 March 2017

Monday Musing: The P in Parking

So the launch of the new 12-sided £1 is finally here!

The parking sector has been gearing up this for such a long time, and tomorrow we will all finally be able to see and hold the brand new 12-sided coin.

The Royal Mint began production of the new £1 in 2016 so you will find new £1 coins with both the 2016 and 2017 date.

But before we enjoy the new coin here are some really interesting facts about the round pound we will be saying goodbye to:

  • The round pound coin is being replaced for the first time in over thirty years because of its vulnerability to sophisticated counterfeiters. The new, highly secure coin will reduce the costs of counterfeits to businesses and the taxpayer.
  • 45 million counterfeit round pounds are currently in circulation
  • Every year 2 million counterfeits are removed from circulation
  • The Royal Mint has produced over 2.2 billion round pound coins since 1983 – that’s the same weight as nearly 6,000 elephants
  • 25 different designs have appeared on the round pound from dragons to trees

As the transition takes place, the Royal Mint is currently producing 1.5 billion new £1 coins at a rate of up to 2,000 each minute and a staggering four million in total every day!  Apparently each day’s production of new £1 coins would be taller than Mount Everest if they were stacked on top of each other.

There will be a period where both coins will be co-circulating until 15 October. On that day at midnight, the old round pound will no longer be legal tender, although you will still be able to pay in coins to your high street bank.

Therefore we are all being encouraged to spend or return our £1 coins. Some of the round £1 coins returned will be melted down and reused to make the new £1 coin. On the BPA stand at Parkex we are giving you a fantastic opportunity to do your bit by swapping an old round pound for the new 12-sided coin and taking a new twelve sided trolley token too!

For more information on Parkex and to sign up to attend visit www.parkex.co.uk

For the most up to date information and assistance with the £1 visit www.thenewpoundcoin.com

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