The new £1 coin: On stand-by for 12-sided quid designed by Walsall teenager
It's been called the safest coin in the world and with just two months to go until the new £1 enters circulation, preparations are under way for its arrival.
Councils across the Black Country and Staffordshire have been spending thousands of pounds updating car park ticket machines so they accept the new 12-sided coin.
Designed by Walsall teenager David Pearce, will enter circulation on March 28, and by October 15 the traditional round coin will cease to be legal tender.
The coin boasts several new security features, including a hologram.
Sandwell Council is spending £23,364 updating its machines by making alterations to the software and coin selector.
Councillor Dave Hosell, cabinet member for highways, said: "We were aware of this issue before the new coins were announced and so all of our new machines will accept the coins from April 1.
"So far 71 machines have already been configured with the remaining 57 being done over the next two months."
Wolverhampton Council has already updated its 80 machines across the city to accept the new £1 coin.
Spokesman Tim Clark said: "Upgrading the machines cost £8,429.26 for the on and off street pay and display machines and £198 for our pay on exit machines."
In Dudley there are currently 60 pay and display machines and the council said the cost to upgrade them is approximately £6,000.
Walsall Council updated its 47 machines, at a cost of £4,500, last year while Stafford Borough Council says all of its machines have been upgraded so motorists can use the new coin.
Supermarkets have already begun making changes to their trolleys to ensure customers will be able to use unlock them using the new style £1 coin.
Cat Parkinson, of Tesco, said: "We have replaced the lock on our trolleys so our customers will not be affected when the new pound is introduced.
"The new coin slots will accept the old and new pound as well as existing trolley tokens."
Gareth Lundy, an Asda spokesman, said: "Customers will be able to use the new £1 coin in Asda trolleys when it comes into circulation in March.
"The current £1 coin and trolley tokens will also continue to be accepted," he added.
James Lowman, CEO of the Association of Convenience Stories, said it was essential that retailers are prepared for the introduction of the new £1 coin, as the transition is likely to affect a number of areas of their business especially if they have coin-operated machines such as self-service tills in store.
While the introduction of the new coin offers logistical challenges and costs, it is hoped it will save retailers millions in the long run.
Around one in every 30 £1 coins in people's change in recent years has been fake.
The new coin, with its 12 sides, will be far more difficult to fake, meaning the money handed over to shops can be safely banked as genuine.
