Revealed: £15,000 bill to make under half of Redbridge’s Pay and Display machines ready for the new £1 coin so far
PUBLISHED: 07:00 17 March 2017
The Royal Mint
It has cost the borough £15,000 so far to convert 40 per cent of council pay and display machines in order to accept the new £1 coin, it has been revealed.
Just under half of Redbridge Council’s borough’s pay and display machines have been upgraded to accept the new coins so far.
The new 12-sided £1 coin will be introduced on March 28, with the current round version ceasing to be legal tender from October 15.
The new design is being introduced in a bid to thwart counterfeit coins, with around one in thirty of £1 coins in circulation at the moment believed to be fake.
The Royal Mint, which is currently producing the coins, has hailed the new design as “the most secure coin in the world.”
The current design, which has been in circulation since 1983, will be phased out until the cut-off in October.
You can either return them to the bank to exchange them or make sure you spend them before they lose their legal tender status.
In a statement, a Redbridge Council spokesman said: “So far work has been commissioned to upgrade 40pc of the council’s pay & display machines at a cost of £15,000, all of the sites selected for immediate upgrade are in well used areas.
“A decision will be made well before October when the old £1 coin ceases to be legal tender as to the capabilities of the other machines.”
The new coin is made of two metals and features 12-sides, with an image that changes from a “£” symbol to the number “1” when the coin is seen from different angles.