COIN & NOTE HANDLING
Better take note…
It is now only a matter of months until the Royal Mint introduces the new pound coin into circulation. By the time you read this, the new five-pound note will probably have already been issued (release date 16 September). So how are manufacturers innovating to provide vending operators with the means to accommodate these changes?
The shape of the current pound coin has remained the same for over 30 years, which explains why there are approximately £45m worth of fraudulent pound coins in circulation today. Counterfeiters have become skilled at producing high-quality fakes, which are increasingly difficult to detect. However, whilst the new pound coin will protect the integrity of the currency, it comes at a considerable cost to vending operators and other businesses that will need to upgrade or replace their current equipment. The current pound coin will be demonetised in the second half of 2017, following a six- month period of co-circulation with the new coin, which means operators will need coin counting and sorting equipment capable of processing both the old-shape and new-shape coins. Global supplier of machine components SuzoHapp equips both
equipment operators and original manufacturers. A company spokesperson told VI: “Every vending machine with coin and note payment and change facilities will have to be updated. As the supplier of a large range of cash management solutions, manufacturers and operators can be rest assured that SuzoHapp has all the necessary experience to support its customer base. For banknote handling, SuzoHapp distributes the NV9 from Innovative Technology which is now available with the new £5 note included. Field update kits can also be purchased.” Leading innovator of currency processing solutions, Cummins
Allison, meanwhile, has been in consultation with the Royal Mint to ensure that its machines will be ready to accept this new coin well in advance of it being put into circulation. The company is in the process of contacting existing customers regarding the required hardware/software upgrade, and for organisations that want to replace their equipment, they have a range of machines that offer fast and efficient coin sorting and counting. Although the currency changes can seem like an unnecessary
stress, they can actually be a fantastic opportunity for operators who have been hesitating over whether to upgrade their payment
technology to finally take the plunge. With chip and pin, contactless and other cashless payments systems overtaking the use of cash in the UK for the first time this year, it is essential that vending operators offer consumers the means to pay using their preferred option. As operators will have to upgrade to accommodate the new cash anyway, 2016 is the perfect time to invest in some new cashless technology to fully update your offering.
Fact file
NEW £1 COIN The new £1 coin is 12-sided, bi-metallic and bi-colour, with milled edges. Weight: 8.75g Diameter: 23.43mm from point to point. Edge thickness: 2.8mm Metallic composition: nickel-brass outer; nickel-plated solid alloy inner
NEW FIVER
The ‘New Fiver’ is printed on polymer - a thin, flexible plastic that is resistant to dirt and moisture, meaning notes stay in a good condition for longer. Polymer notes are better for the environment than paper – they last
longer, so fewer need to be printed, meaning less energy is used in manufacturing and cash transportation. When a polymer note reaches the end of its life it will be recycled.
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