On 28th March the new £1 coin arrives in our pockets. Twelve sided and with various security features including a hologram, the new coin will be very different from the one which has been standing us in good stead for so many years.
The introduction of the new pound could be something of a logistical nightmare, with the old and new coins running side-by-side until 15 October, at which point the old coin ceases to be legal tender. And it’s not just shops and car park operators who will have to adjust to the new coinage. With around one and a half billion of the old coins in circulation, there’s a lot of piggy banks and coin jars which will need to be emptied over the course of the summer.
So if the introduction of the new pound coin is likely to cause such chaos, why has the change come about? First and foremost, the new coin has been designed to make it harder for it to be copied by fraudsters. It’s estimated that some 3% of existing £1 coins in circulation are fraudulent, representing a cost to the country and the economy.
Apart from that, it doesn’t hurt to refresh the coinage (or anything else) from time to time. Just because something has stood you in good stead for years, it doesn’t mean that it is necessarily still fit for purpose. Admittedly change for change’s sake can be a waste of resources. On the other hand taking time to sit down, to challenge and review and re-evaluate can help to highlight areas which may have perfectly met the strategy when they were first introduced, but no longer do so.