New £1 Coin: Are you vending-ready for 2017?
For the first time in 30 years the £1 coin is up for a refurb. From March 2017 this smooth all-rounder morphs into a trickier, 12-sided coin much like the old threepenny bit that rolled into extinction in 1971.
Every coin-operated system has to make this change
From vending systems to parking meters, gym lockers and shopping trolleys – some making the transition more easily than others.
A big impact: the cost of currency integrity
It’s estimated that one in every 30 £1 coins currently in circulation is counterfeit representing a significant cost to the public purse, industry and individuals. The Royal Mint is producing more than 1.4 billion ‘forgery-proof’ new coins in preparation for their launch next year
This changeover is estimated at £72.8m according to The Independent, and is the latest blow to the vending industry which shelled out £28.3m in 2012 to upgrade machines to accept the nickel-plated 5p and 10p coins. This was achieved wholly at the industry’s expense, without government assistance.
As this is the second coin change in less than five years, Jonathan Hart, head of The Automatic Vending Association (AVA), along with his team has been working hard over the last two years lobbying the government and the Royal Mint to ensure the transition is as smooth as possible.
Time’s running out
The Royal Mint indicates there will be a six-month transition period within which both coins will be accepted. Bettavend is focused on an implementation plan to ensure all of our coin acceptors are functioning well before the launch of the new coin.
Depending on the age of the unit, most coin acceptors can be updated with an on-site visit by one of our fully trained engineers; however, there will be some units, depending on their age, that are not being supported by the manufacturers, and these will require replacing.
With responsibility for over 1100 vending machines, the task is not a small one…
Act now to ensure your machine is vending ready for 2017
Contact out service team on 023 8025 5222 (Option1) to discuss your upgrade options.