New £1 coin design

[Manchester77]

New £1 coin to be introduced to combat counterfeiting

A new £1 coin, designed to be the "most secure in the world", is set to be introduced in 2017.

It comes amid concerns about the 30-year old coin's vulnerability to counterfeiting, with an estimated 45 million forgeries in circulation.

The new coin is based on the design of the old 3d (three penny) piece, or threepenny bit, a twelve-sided coin in circulation between 1937 and 1971.

http://www.bbc.co.uk/news/uk-politics-26632863

What do we think, I like the inspiration from the threepenny and how it's being brought back in a form. It'll be a change though for pound couns to be a different shape, will machines need reworking to take them or not?

 

[Nym]

Any modern coin sensors (post 2002ish) should just need software changes and should be able to accept coins interavailablly until the current £1 coin is withdrawn.

 

[Xenophon PCDGS]

Makes you wonder just how many machines will need to have their mechanisms altered as a result of this. Many local authority and hospital car parks have machines that will need updating.

At least 2017 is a date which should allow for this.

 

[jopsuk]

Even if it does just require a software update, there's a huge irony that those with machines are currently generally unaffected by fake coins, as they reject them. Whilst those that manually handle coins may welcome this (though I reckon most fakes cheerfully circulate for months, even years, making them de-facto accepted currency with no real cost) those responsible for machines will be cursing. How many coin-accepting ticket vending machines are there on the railway?

 

[bnm]

How many coin accepting TVMs will be routinely updated/maintained in the next 3 years?

Most, if not all, I suspect.

Weight, size and any magnetic properties of coins are easily programmed into modern coin accepting machines and it is a relatively quick job to update machines. Same goes for banknote acceptance, which will also require updated machines by 2016, for the new plastic notes being issued.

A 2-3 year lead time is more than adequate for machines to be reprogrammed. There's rarely any mechanical work to be done.

 

[gazthomas]

I'm puzzled on the scheduling, as new plastic notes are due in a couple of years resulting in further changes to those machines that handle both notes and coins.

 

[Xenophon PCDGS]

I'm puzzled on the scheduling, as new plastic notes are due in a couple of years resulting in further changes to those machines that handle both notes and coins.

I wonder if the time period announced for the coin announcement was made with the point that you make already in mind.

 

[Clip]

I'm puzzled on the scheduling, as new plastic notes are due in a couple of years resulting in further changes to those machines that handle both notes and coins.

Note readers should be even easier to adjust than the coin ones I should think. And maybe they are doing them both at the same time.,


I do like the new look of those coins though I must say.

 

[transmanche]

Weight, size and any magnetic properties of coins are easily programmed into modern coin accepting machines and it is a relatively quick job to update machines.[...]

A 2-3 year lead time is more than adequate for machines to be reprogrammed. There's rarely any mechanical work to be done.

As you say, it's just a routine change for the manufacturers.

For example, most people probably wouldn't have realised but the 10p and 5p coins changed recently. Although the size remained the same, they changed from cupro-nickel (75% copper, 25% nickel) to nickel-plated steel. And all coin-accepting machines would have been updated for that change

 

[talltim]

Going to be fun with supermarket trollies

 

[gordonthemoron]

I forsee more holes in my pocketses

 

[Xenophon PCDGS]

Going to be fun with supermarket trollies

Now that is a numerical problem that is well worth considering...

 

[Deerfold]

Going to be fun with supermarket trollies

And if they change the supermarket trollies, all the little things that are sold (mostly by charities for a pound) that go on a keyring to pop in them may stop working unless the trollies will accept them both.

 

[Clip]

And if they change the supermarket trollies, all the little things that are sold (mostly by charities for a pound) that go on a keyring to pop in them may stop working unless the trollies will accept them both.

These are great I must have about 20 of them as I always forget one when I go to Sainsburys and think its a good idea forgetting I have loads at home.. Lass thinks Im a bit simple.

 

[hassaanhc]

These are great I must have about 20 of them as I always forget one when I go to Sainsburys and think its a good idea forgetting I have loads at home.. Lass thinks Im a bit simple.

On the other hand I had two that I've managed to lose and often I find that I have no £1 coin with me when I get to Tesco (at least customer services give change ). On the other hand my parents always make sure that they have at least one £1 coin with them.

 

[transmanche]

Going to be fun with supermarket trollies

That's assuming the new coins won't fit (they'll be around the same size, so probably no adjustment will be needed at all). Remember, shopping trolley locks are simple mechanical devices - not sophisticated like vending machines.

Even if the new coin doesn't fit (which is unlikely), locks are available which can accept different sizes of coin anyway.

 

[DJL]

If they did have to change anything on the trolleys what is the betting they will use the opportunity to change it to £2 instead of £1

 

[transmanche]

If they did have to change anything on the trolleys what is the betting they will use the opportunity to change it to £2 instead of £1

Why do you think they'd do that?

Bear in mind the primary reason for the £1 deposit system isn't actually to deter theft, but just to encourage shoppers to return their trolley to a central location - making it easier (and cheaper) for the supermarket operator.

 

[CardiffKid]

If they did have to change anything on the trolleys what is the betting they will use the opportunity to change it to £2 instead of £1

Huh?

Who's 'they' and so what if 'they' do - You get it back! :roll:

 

[Deerfold]

Huh?

Who's 'they' and so what if 'they' do - You get it back! :roll:

That'd certainly stop the ones on keyrings working though!

 

[WillPS]

I'm yet to see a side by side comparison of the two. It's possible that some of the mechanical acceptors (particularly those on trolleys and lockers) wont need changing so long as the footprint (almost) fills that of an existing pound coin.

Only the oldest vending machines will struggle to be upgraded; I imagine overall it'll be a much simpler transition than when the size of silver coinage was halved in the 90s.

 

[Bungle73]

If they did have to change anything on the trolleys what is the betting they will use the opportunity to change it to £2 instead of £1

How are you being "charged"? You get the money back.

At my local Asda some trolleys require coins, and some don't. I'm not sure what the point of that is? :?

 

[IanXC]

The other thing to remember with the new £1 coin and the new plastic bank notes, is that coin and note acceptance modules in these machines are usually (always?) used in machines destined for many countries. I know that for instance, the new £50 note was updated onto a particular estate of machines via a software download.

 

[PermitToTravel]

As you say, it's just a routine change for the manufacturers.

For example, most people probably wouldn't have realised but the 10p and 5p coins changed recently. Although the size remained the same, they changed from cupro-nickel (75% copper, 25% nickel) to nickel-plated steel. And all coin-accepting machines would have been updated for that change

I regularly use a vending machine which hasn't been updated for this change and only takes old 10p/5p coins, and in my experience PERTIS machines never accept these either

 

[Deerfold]

How are you being "charged"? You get the money back.

Who mentioned being charged?

 

[bnm]

It's also worth noting that modern software controlled coin/note accepting devices require nothing more than to 'learn' a new coin/note.

An engineer simply feeds in the new currency a few times in a test mode, enters the new denomination on the touch screen or via a portable updating device, and the new coin/note properties are then stored and accepted for future transactions.

An update to the 'Coins/Notes accepted' splash screen or a few new stickers, and Robert is your Mother's brother.

 

[PaulLothian]

Unless the 12 sides are a decorative device with a traditional circular rim protruding beyond them in some areas, it's not going to roll far (which could be an advantage when you drop one in public!) Straight edges and an even number of sides is not a good combination for use in machines. Other coins have seven sides and rounded corners, giving them a constant diameter - one of the reasons why the old threepenny bit's shape was abandoned with decimal currency.

Having said that, I quite like the pictures I have seen!

 

[Bungle73]

Who mentioned being charged?

I thought he said charged, but in case his tone seem to indicate he think the supermarkets would have some advantage from changing if from £1s to £2s.

 

[jon0844]

A supermarket wouldn't make it £2 until such time that £1 is worthless, and people give up the quid instead of taking the trolley back.

Otherwise they risk people not having £2 coin and not being able to shop!

 

[Cletus]

Comment from the Treasury on the BBC website.

The Treasury is keen to clear up a misconception that all vending machines will have to be changed because of the new pound. "There will be a full consultation with industry on... all aspects of the new design," says the Treasury. "The versions and pictures you've seen today are not the final design and we will be working with industry to minimize the cost implications in the final design."