Time Nearly Up for £1 Coin

1 min read Distributors
Time is almost up for resellers to adapt thousands of payphones across the country before the old £1 coin goes out of circulation.

The arrival of a new ‘super secure’ £1 coin earlier this year has had a significant impact on thousands of payphones across the country. And the Royal Mint has announced the end of legal tender status for the original round pound will be October 15th.

Distributor Nimans, the exclusive UK supplier of Solitaire payphones, is warning resellers and their customers to act now before it’s too late. An estimated one in 30 old £1 coins were fake so the Royal Mint created a new 12 sided version hailed as the most secure in the world.

“With the launch of the new 12-sided £1 coin now over three months ago, the campaign to encourage people to return the 1.7 billion round pounds in circulation is entering the final stages,” says Solitaire’s Managing Director Jeff Wilkes.

All New Solitaire Payphones supplied since January 2016 will accept the revised £1 coin but existing models already on-site will need updating, Jeff points out.

“We estimate that from around 500,000 Solitaire payphones sold in the UK around 50,000 are still in service,” he explained. “The Royal Mint has confirmed the old pound will be discontinued mid October. So with just a couple of months to go the countdown is well and truly on. Nimans and Solitaire are here to help. Some older units will need to be replaced but many others need updating either on-site or returned to us.”

Jeff concluded: “Demand for payphones remains strong in niche areas and the new £1 coin is having a big impact. Resellers need to be advising their customers now about how to adapt their existing machines before it’s too late. Calls and emails are coming in every day. The penny is starting to drop – or should that be the pound – but time is almost up.”