New £1 coin: how will it affect coin locks and lockers?

As you have probably already heard, a newly shaped pound coin will enter into circulation March 2017. That means your business should prepare for the new currency and make sure that your coin-operated lockers accept the new coin. Here’s what you need to know to get ready for this transition.

What’s the timeline?

The Royal Mint has set up a two-step timescale for the introduction of the new shaped coin. It will enter into use from March 2017, and after just six months of co-circulation in which both old and new coin will be accepted, the current £1 pound coin will be retired for good. And after that date, it goes without saying, you shouldn’t accept the round pound coin for any lockers you have installed.

Why is the existing £1 coin being replaced?

Approximately one in thirty £1 coins are counterfeit. In circulation for more than thirty years, they have now become vulnerable to sophisticated counterfeiters with substantial costs to businesses and taxpayers.

That is why the Government is introducing a new, highly secure coin. Thanks to the twelve-sided shape and the two different metals it’s made up of, it will be much more difficult to counterfeit.

How can I get ready? Can you help me?

The good news is you can plan ahead to avoid the rush and the last-minute panic. You don’t have to wait until September 2017 to upgrade your lockers because we can provide you with solutions that will operate with both new and old coins.

Your next move should be checking your existing locks and lockers as early as you can. Are they coin operated? Did you install them before July 2016? If you’ve answered yes to both questions then it’s likely you’ll have to adapt or replace them.

I know this thought is already sending shivers down your spine, but you don’t need to panic. We have a range of cost-effective solutions which will ensure a smooth transition with no disruptions to you and the users of your facility. Let’s have a look.

Can I convert existing locks to take the new coin?

(Conversion kit available for the Assa Classic Coin Lock only)

If your lockers are equipped with an Assa Abloy Classic Coin Lock, a conversion kit is the first option available to you. Easy to fit, you can upgrade your existing coin locks without changing the whole case. And with just a new middle piece and coin restrictor, your locks will be ready. It also comes with a sticker to signal users your lockers accept both new and old pound coins.

What about new coin locks? 

First of all, are you about to buy a coin lock? Don’t forget to check that it is compatible with the new coin to avoid disappointment later. And if you are looking to replace all your existing locks, check out the new version of the Assa Abloy Classic and E-lite Coin Locks we provide. Hardwearing and easy to use, they are the perfect choice to be fully prepared for the introduction of the new pound coin.

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Can I use keyless alternatives?

While you are at it, this may also be the right time to move to that digital or keyless solution that you were already considering. If it wasn’t on your agenda you should know that the potential benefits are huge here: just think how long you spend dealing with lost or missing keys.

Whether operated by card, wristband, ifob or code, keyless keypad lockers can simplify the management of your facility. As they eliminate the need for coins, tokens and, obviously, keys, they are an ideal solution for both users and staff. Get in touch to find out more.

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Please note:

When planning and using your locker locks, you will need to take into consideration whether they are right/left handed or for wet/dry areas.

Still not sure what’s best for you? Please do not hesitate to contact us on 0131 555 0909 or send an email to sales@keyprint.co.uk. Our dedicated team of experts will be happy to help you with any doubt you might have.