Revealed: The true cost of welcoming in the new £1 coin for Bromley’s car park

PUBLISHED: 13:33 27 February 2017 | UPDATED: 14:52 27 February 2017

The new £1 coin

The new £1 coin

Public will pick up the bill for 250 parking machines needing to be adjusted for the coin which enters circulation on March 28

It is going to cost the borough more than £77,000 to convert car parking machines in order to accept the new £1 coin, it has been confirmed.

Around 250 machines are already being upgraded in time for the arrival of the new 12-sided coin which enters circulation on March 28.

Designed to combat the growing number of counterfeit coins in circulation - it is thought as many as one in every 30 are fake - it has been hailed as the “most secure coin in the world” by the Royal Mint, which is currently producing the coins so there are enough ready for its introduction.

But while it will come packed with features to make a forger’s life more difficult, it also means a major overhaul of every machine that accepts the current £1 coin.

In circulation since 1983, the coin will be phased out during the year and cease to be legal tender by October.

That means if you have a stash of the current pound coins you need to spend them before then or they become worthless.

For Bromley the key transformation has been with the parking machines which are spread across the borough.

Speaking to the Bromley Times this week, deputy council leader and executive councillor for environment on the council, Conservative councillor for Bickley, Colin Smith, said: “It is going to cost £77,629, which covers the costs of converting the approximately 250 machines, including £5 note readers in the multi storey car parks.

“This substantial conversion work has just started and will be finished in time for the introduction of the new £1 coin.”

The cost will be met by the public purse.

The new pound coin features 12-sides, similiar to the old threepenny bit. It has a new portrait of the Queen and is dual-coloured - similiar to the £2 coin. At its heart, however, is technology which will make coin machines detect a fake. Quite what that is, is being kept a closely guarded secret.

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