Introduction of the new £1 coin - March 2017 - Industry Readiness Survey

In 2014 the Chancellor of the Exchequer announced that the Government will introduce a new £1 coin as a proactive step to tackle the level of counterfeit £1 coins in circulation within the UK.

The new £1 coin is intended to enter circulation in March 2017. It will be a 12-sided, bimetallic, bicolour coin, featuring overt, covert and forensic security features. In September 2017, the existing £1 coin will be demonetised and its legal tender status will be removed.

Some key information in relation to the specification of the new £1 coin, the timeline for introduction of the new £1 coin and advice on what businesses should do before the introduction of the new £1 coin has been released and is available here.

The Royal Mint is assisting HM Treasury in the introduction of the new £1 coin. One of the key elements of the project is ensuring that industry stakeholders are ready for the launch and as such is distributing a series of surveys prior to the introduction of the new £1 coin and during the six month co-circulation period following the launch.  These surveys will be used to track and assess the level of industry readiness for the new £1 coin and to inform our approach to communications. 

The survey can be accessed here and responses are requested by Friday 21 May.

More information is available here on the Royal Mint website.