Britain’s new pound coin is already causing a headache for some British businesses after it was discovered that the new coins don't fit into vending machines.
The coins have always been round but, starting in March, the U.K. will begin circulating the new pound coin, which boasts 12 sides (a dodecagon, if you will) and other security features meant to cut down on counterfeiting, CNN Money reported.
The old coin is expected to be phased out by the fall of 2017.
Rampant counterfeiting of the round coins sparked the change. According to the Royal Mint, more than 2.5 percent — or about 1 in 40 — of all British pound coins in circulation are fake, CNN Money reported.
But the new 12-sided coin is being hailed as one of the most secure coins the world has to offer.
“The pound as we know it will not be round for much longer," David Guake, chief secretary to the Treasury, told The Guardian. "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 and to ensure a smooth transition."
“The new £1 coin will be the most secure of its kind in the world and its cutting-edge features will present a significant barrier to counterfeiters, reducing the cost to businesses and the taxpayer,” he added.
Perhaps the only issue with the new coin will be its physical makeup; its shape and weight make it impossible to fit into many existing vending machines, parking machines, shopping carts, and lockers. And it's going to cost a pretty penny for shopkeepers and business owners to upgrade the 500,000 existing devices cross the U.K. About £32 million (or close to $40 million USD) to be exact, according to estimates from the Automatic Vending Association.
The Royal Mint unveiled a new website, TheNewPoundCoin.com, on Monday to help business owners through the transition.
“We will continue our work to ensure that members of the vending industry are fully informed and prepared for the changes in order that the transition be as smooth as possible,” Jonathan Hart, CEO of the Automatic Vending Association, said in a statement.
The newly designed British pound coin was imagined by 15-year-old David Pearce, whose entry was selected from a pool of 6,000 others, CNN reported earlier this year.
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