New one pound coin released into circulation

The new pound coin, described as the most secure in the world, is being introduced to combat counterfeiting. It features advanced security elements like micro-lettering and a holographic image. However, this change poses significant challenges for businesses, especially those with vending machines, as they face high conversion costs. The transition affects not only vending machines but also parking meters and shopping trolleys. Despite these challenges, the Treasury claims the process has been smooth, with businesses adapting well. The old coin will remain legal tender until October 15th.

What are some of the security features of the new pound coin?

• It is made of plastic.

• It is larger than the old coin.

• It has twelve sides and a holographic image.

• It is made entirely of gold.

Why is the transition to the new pound coin costly for businesses like Grattan Vending?

• They have to pay a new tax.

• They need to close their business temporarily.

• They have to update their machines to accept the new coin.

• They need to hire more staff.

What additional challenge do businesses face after the old coin is no longer legal tender?

• They have to train staff on new procedures.

• They need to replace all their machines.

• They have to convert machines to only accept the new coin.

• They need to issue refunds for old coins.

What does the Treasury claim about the transition process?

• It has been ignored by most businesses.

• It has been chaotic and costly.

• It has been smooth with efforts to minimize costs.

• It has been delayed multiple times.

Until when will the old pound coin remain legal tender?

• September 30th

• October 15th

• December 31st

• November 1st