On the 28th March 2017 the £ coin is changing, what does this mean for us all and how will it affect the way we purchase and use our trolley keyrings?
What do we know?
- The Royal Mint are currently producing new 12 sided £ coins.
- On the 28th March 2017 these new coins will come into circulation.
- The old round coin will remain legal tender alongside the new coins until the 15th October 2017.
- After this date the old coins will be withdrawn from circulation and will lose their legal status.
- You will still be able to exchange / bank your old £ coins at certain high street banks after this date for a limited period.
Why is the coin changing, what do the government say?
- The current £ coin is being replaced for the first time in over thirty years because of its vulnerability to sophisticated counterfeiters.
- It is estimated that 1 in 30 of the old £ coins currently in circulation are counterfeit.
- The new 12 sided coin will reportedly be the most secure coin in world.
- It is estimated that there are currently around 1.3 billion old £ coins in circulation.
- Approximately 1/3rd of these are stored in savings jars and piggy banks.
- All Coin handling equipment including vending machines, trolleys, parking machines, gaming machines, photo booths etc should be able to accommodate the new style £ coin by the 16th October 2017.
The future for existing Promotional Trolley Keyrings & their use
- Shopping Trolleys – All the major Supermarkets* have confirmed that they are either replacing their shopping trolleys or having their trolley mechanisms upgraded and these will accept both the new and old style £ coins from the 28th March 2017.
* An article in the mail on Saturday 25/3/17 states that Tesco are behind in converting their Trolleys and it will miss the deadline for the new coins introduction on Tuesday 28th March. As an interim measure they will be unlocking all their Trolleys.
- Gym/Pool Lockers – Promotional trolley coins are also regularly used for operating Gym lockers.
- The new style coins are only likely to operate in newly installed lockers or those which have had mechanisms upgraded.
- It is most likely that maufacturers of new lockers and those upgrading locker mechanisms will ensure these accept both the old and new style coins.
- Both new lockers and upgraded mechanisms will require significant investment by the businesses concerned so these changes will, in all likelihood, take place over time as budgets allow, if at all (* see note below).
Considerations When Purchasing Promotional Trolley Coins for the Future
- We believe that Trolley Key rings will remain an important product in the promotional products market and would recommend that to our customers that continue to purchase them where they add value to their marketing efforts, for the branding opportunity and the practical uses the coins offer.
- For their primary purpose as shopping trolley coins, giving away a new shaped coin will give the recipient the impression that the giver is both up to date and current in their thinking. If purchased early they also provide an opportunity to advertise branding on one of the first new shaped coins on the market.
- If the purpose of the coin is to promote to a sporting / fitness audience, i.e the recipients being most likely to use the coins for sports / gym lockers , we would suggest that the older style coins may be the better option until such time as progress regarding new and upgraded lockers can be accessed.
- * Due to the large quantity of old £ coins in circulation and traditional Trolley coins already on key rings across the country many vendors may decide that investment in new mechanisms / lockers is unnecessary.
- This being the case the old style coins look likely to continue being produced with branding on them for several months or even years to come. In fact old style trolley coins may even become a marketing opportunity for fitness clubs / swimming pools / hotels and the like, looking to give them away to customers as an alternative to converting lockers.
- Whichever style of coin is purchased it would be prudent to air on the side of caution for the time being especially when it comes to quantities ordered. Our advice would be to only order sufficient coins for around 6 to 9 months supply until further information is known.
Please feel free to call us to discuss your requirements in more detail, we would be happy to help with further information and advice. We have a number of different coin styles available in both the old and the new shapes, and look forward to hearing from you. Please check our website for product details.
Written by Graham Leach – Founding Partner Impress Ipswich – 20th March 2017
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