A recent survey revealed that in UK secondary schools, 35% of cash credits made at revaluation units consisted of £1 coins.
This equates to a taking of more than £5000 per month in £1 coins, in the average secondary school.
The new £1 coin will be introduced into circulation on the 28th March 2017. There will be a 6 month co-circulation period with the old £1 coin, but once this is over, the old, round £1 coin will no longer be accepted as legal tender.
Any coin handling equipment should be updated to accept the new £1 coin, including revaluation units.
Please Note: if you have not already had your revaluation units upgraded to accept the new £5 polymer notes, then you may also wish to have this done at the same time