… plus how you could make some profit from it (not just by putting it in your tills).

The new £1 coin comes into circulation next Tuesday, March 28. With 12 edges and a hologram-like image on the coin face, it is billed as the "most secure coin in the world".

If you're struggling to make heads or tails of it all, here's what you need to know in a nutshell.

 

1. From March 28, you can accept both types of £1 coins from your customers but will need to place old and new £1 coins in separate bags so that banks can process them. March 28 until October 15, 2017, is the co-circulation period. 

 

2. After October 16, 2017, all your coin handling equipment should be able to accept and handle the new £1 coin. It's best to contact your manufacturer or supplier to find out whether you need adaptations or replacements.  

 

3. From October 16, 2017, you are under no obligation to accept the round £1 coin from your customers and you should not distribute the round £1 coin. 

 

4. You should train your staff on the features of the new coin. Free materials are available to download at www.thenewpoundcoin.com

 

5. You could actually make some money from, well, money!  Some pubs are using the new coin to drive some clever promotions.

On Tuesday when the coin launches, all Epic and Heroic Pubs, run by Unique Hospitality Management, are offering anyone with the surname Pound the chance to dine at their five venues for just £1.

The pubs will also be offering a ‘Pound O' Clock’ menu with a selection of dishes that will increase by £1 depending on the time they are ordered. For example, customers ordering food from the ‘Pound O Clock’ menu between 6pm and 6.59pm will enjoy their dishes for £6, between 7pm and 7.59pm for £7 etc.

 

Screen_Shot_2017-03-24_at_11.29.42.png