The true cost of a £1 (coin)

In his budget statement in March, Chancellor George Osborne announced plans for the introduction of a new £1 coin with a proposed 12-sided design, similar in shape to the historic "threepenny bit".

The planned introduction in 2017 may have significant cost implications for a range of businesses, especially those manufacturing and operating all types of coin slot machines.

The Treasury subsequently launched a consultation concerning the introduction of the new coin which  will close at 11:45pm on 21st November, here is a link to the relevant documentation, for those interested in responding.

One of the aims of the Government is to introduce the new coin in such a way that is manageable for industry. In respect of the "Automatic Vending Industry" the Treasury comments:

"3.15 According to best estimates, there are currently around 500,000 automatic vending machines in operation in the UK. Their usage delivers efficiencies to a wide of range of industry sectors, and in particular within retail.

3.16 Whilst some machines will require more significant hardware upgrades, the Government understands from past experience that in many cases a software update may suffice."