Press release / Coin changes could weigh on business
Press release issued on behalf of Wiltshire business Hilton Vending, based in Westbury
New coins will be issued by The Royal Mint next year and a Wiltshire company is working to highlight the potential effect to business.
The Treasury has planned the introduction of new 5 and 10 pence coins for January 2012.
The weight change in these coins will affect their use in vending and other coin-operated machines and Hilton Vending Services is advising business owners to think ahead.
“These coin changes will be news to most” explained managing director of the Westbury vending company, Martin Killian.
“Not much has been made of these pending changes outside of our trade press, but given the potential disruption posed, it’s important that business owners are aware of how they could be affected.”
Martin emphasised that all coin-operated vending equipment leased or owned by companies will require adjustments or upgrades from an engineer, to enable them to operate as usual.
Hilton Vending Services is an accredited member of trade body Automatic Vending Association which lobbied government successfully earlier this year to delay the implementation of new coinage.
“Businesses now have more time to adapt their vending equipment thanks to the implementation date being put back to next year. We’re working with our customers to ensure the 2012 changes won’t affect them – but we’re concerned by the lack of knowledge in the market at large. Most are simply unaware of this move by the Treasury.”
Currently, 5p and 10p coins are made from cupronickel, a metal alloy. Next year they will be magnetic for the first time, made from steel with a nickel coating and will be 11 per cent thicker.
The change in coinage is designed to save the Royal Mint between £7 million and £8 million a year, allowing it to use steel rather than copper which has surged in price. This move is expected to cost the vending industry £42m and the coin machine industry as a whole as much as £100m.
Hilton Vending Services is an independently-owned vending machine supplier and operator based in Westbury. Any business needing advice on these changes and vending equipment should call 01373 864611.
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