New £1 Coin
26th JULY UPDATE
This morning our Commercial Director Brian McAreavey was interviewed by the BBC on the impact the change of coin has had on businesses with coin-operated equipment like our kiddie rides, candy and toy carts and photo booths. Listen to the clip below to hear what he had to say.
10th JULY UPDATE
From today we will begin removing all coin mechanisms from our Candy & Toy Carts which accept the old £1 coin. The deadline for completing this task is the end of August across all our customer sites in the UK. This means that our engineers will begin removing the mechanisms starting today, as they visit each of their centres. Once removed, the cart will only accept the newer version of the £1 coin.
27th JUNE UPDATE
To date the uptake of the new £1 coin has been quite slow, with the older version of the coin dominating general use. This has meant that our setup of 3 old coin mechanisms and 3 new coin mechanisms on our Candy and Toy Carts has reflected the spending habits of the public and it has met demand.
From the week commencing 26th June however, we have calculated that uptake of the new £1 coin will begin to outstrip the old coin, and this will continue until the old coin falls out of circulation altogether. We estimate that the new coin will reach maximum market saturation by the end of August 2017. In light of this, we will begin to remove the old coin mechanisms from our Candy and Toy Carts around this time and from then all carts will only accept the new £1 coin.
28th MARCH UPDATE
To our affected customers:
Only toy vending units will be affected by the introduction of the new £1 coin and we are addressing this change by updating half of the vending units on each cart to accept the new £1, leaving the other half as they currently are (accepting the old £1 coin). This process will begin on Wed 29th March. We’ll also duplicate our toy stock so that regardless of the coin a customer has, they will be able to purchase the product they’re after. Over the summer months, as the old £1 falls out of popular use we will update all remaining coin mechanisms to accept the new £1 coin.
The price labelling on each vending unit will clearly communicate which type of £1 coin it accepts. New coin mechanisms will be promoted via pink branding, with the message “New £1 coin only”, while the original coin mechanisms will feature yellow branding stating “Old £1 coin only”.
Please note: Your customers won’t be able to insert the wrong coin into the machine. The coin mechanism will refuse to turn, so there will be no issue with machines taking money and not vending toys.
In March 2017 a new £1 coin is going to be released.
The current £1 coin has been in use for more than 30 years, however it is reportedly one of the most commonly counterfeited coins with as many as 1 in every 30 reported to be a fake. The new £1 has been dubbed the “most secure coin in the world” and has a number of features which make it difficult to counterfeit. These include a 12 sided shape, bi-metallic composition, micro lettering and milled edges.
The new coin will enter circulation in March, while the old £1 coin is estimated to stay in circulation until September 2017, when it will be removed from public circulation completely.
Clearhill have already taken steps to enable their electronic coin mechanisms to accept the new coin, which includes our Photo Booths, Kiddie Rides and skill games. These machines will be able to continue accepting the old version of the coin until it is removed from circulation, as well as the new release. Our Candy and Toy Cart coin mechanisms will be updated in line with the actual release and will only accept the new coin from that point.
We will keep our customers in the loop regarding updates to mechanisms within each individual retail location, however if you have any concerns or queries please get in touch with the team by sending an email to firstname.lastname@example.org