New £1 coin costs Newham Council £9,200

PUBLISHED: 07:00 10 March 2017 | UPDATED: 09:18 10 March 2017

The new £1 coin is coming into circulation at the end of the month (Picture: The Royal Mint)

The new £1 coin is coming into circulation at the end of the month (Picture: The Royal Mint)

The Royal Mint

The new £1 coin will be in your purse or wallet by the end of the month – and the borough’s cash payment machines are ready.

Newham Council has spent a total of £9,200 on adapting payment machines to accept the new 12-sided coin in its carparks.

This includes £8,000 on pay and display machines and an additional £1,200 for pay on exit machines.

In addition, all 23 of its library kiosks have been adapted to accept both the new £1 coin and the new £5 note.

The council also plans to upgrade acceptance of the new £10 note, due out in the autumn, and downgrade acceptance of the old £1 coin and the old £5 and £10 notes.

The total cost of that work costs a total of £5,571.75 - a total of just over £242 per kiosk.

The new coin is being introduced on Tuesday, March 28 and has a number of features that the Royal Mint claims will make it much more difficult to counterfeit.

After almost six months of co-circulation, shops will stop accepting the current round £1 coin from October 15. You will still be able to take them to your bank after that date.

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