Without the proper preparations, all of your cash-handling machines will fail to recognise the redesigned currency.
Preparing for the Redesigned Currency
Beginning in 2013, the Bank of England (BoE) began the difficult process of updating the nation’s currency in an effort to discourage counterfeiters. The operation involved a comprehensive redesign of the £1 coin along with the £5, £10 and £20 banknotes, which included altering the appearance, shape and materials of the currency.
While these may seem like insignificant changes, they will have a noticeable effect on your business. For that reason, you should review the provided guidance, which briefly explains these changes, how your business could be impacted and what you can do to prepare.
Changes to the £1 Coin
The changes to the £1 coin are as follows:
·12-sided: The new distinctive shape is meant to help the coin stand out by both sight and touch.
·Bimetallic: The outer ring of the coin is gold coloured and the inner ring is silver coloured.
·Latent image: The coin has an image similar to a hologram that changes the ‘£’ symbol to the number 1 when the coin is viewed from different angles.
·Micro-lettering: There is tiny lettering around the rim of the heads side of the coin that reads, ‘ONE POUND’. On the tails side, the year that the coin was produced is lettered around the rim.
· Milled edges: The coin has grooves on alternate sides.
· Hidden high-security feature: The BoE has built an additional security feature into the coin to protect it from counterfeiting. However, details about this feature have not been revealed in order to ensure that counterfeiters are unable to replicate it.
Changes to the £5, £10 and £20 Banknotes
The changes to the £5, £10 and £20 banknotes are as follows:
· Polymer: The redesigned banknotes will be printed on polymer, a thin and flexible plastic material in order to make them cleaner, safer, stronger and more environmentally friendly than paper notes.
· Size: The redesigned banknotes will be about 15 per cent smaller than the current paper notes.
· See-through window: A clearly defined portrait of the Queen is printed on a large see-through window on the left side of the note. The value of the note along with ‘Bank of England’ is printed along the edge of the window.