The Automatic Vending Association understands the requirements of The Royal Mint to maintain the integrity of the £1 coin, and it comes as no surprise that because of the increased level of counterfeiting, a new public consultation will be launched by the Chancellor for the introduction of a new £1 coin.
Speaking of The Royal Mint’s decision to introduce the new coinage, Jonathan Hilder, Chief Executive Officer of the Automatic Vending Association, said:
“It is imperative that the vending industry works with all interested parties to ensure that the security and implementation of any proposed new coinage can be undertaken with minimal impact on vending users and at the lowest possible cost to our industry, due to its large machine base. The Automatic Vending Association’s established working relationships with both The Royal Mint and The Treasury allow us to do just this, and we very much support the development of a new £1 coin which will be more secure than its predecessor, which will incorporate new technologies. The Association’s involvement will also provide a better conduit of information for The Treasury and the Government, assisting with their understanding of the vending industry of Great Britain.”
The AVA welcomes the opportunity to be involved from the start of this process to develop the new £1 coin, and will look at the proposed introduction and composition of the coin.
As the trade association for the £1.6bn refreshment vending industry, the AVA comprises 187 highly reputable member companies who service some 462,500 vending machines in Britain. For further information please visit www.ava-vending.co.uk or call 01494 568960.