Businesses told to prepare for new 12-sided pound coin

Firms are being told to get ready for the new 12-sided pound coin, which comes into circulation next March.

The Treasury is urging businesses which handle cash or operate vending machines to view the new pound coin website to help guide them through the transition.

Adam Lawrence, CEO of the Royal Mint, said firms should "find out how the new £1 could affect their business and what steps they need to take to prepare for the launch of the coin in March 2017."

Measures may include adapting their equipment and training their staff in preparation for the arrival of the new coin.

All machines accepting cash will need to be updated.

"The pound as we know it will not be around much longer," said David Gauke, chief secretary to the Treasury.

"The introduction of this new £1 coin will be a highly significant event and we are working with the Royal Mint to ensure key industries are ready for a smooth transition," he added.

There will be a period of six months when both the old and new coins will be in "co-circulation", but after Autumn 2017, businesses will no longer be able to accept or distribute the existing round £1 coin.

The Government hopes that the new coin will be the "most secure of its kind in the world".

There are currently 45 million counterfeit £1 coins in circulation.