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<p>During the Treasury’s consultation with industry in 2014 we received a wide range
of cost estimates for the transition to the new £1 coin varying by individual business
need, mostly attributed to the need to upgrade coin handling equipment. It is therefore
not possible to provide an accurate estimate of the total cost to industry.</p><p>
</p><p>We have, however, taken a number of steps to help manage these costs. For instance,
the early announcement of the new coin has provided businesses with a long lead time
allowing for effective and extensive planning ahead of the changeover. Individual
businesses and the wider economy will also benefit from the reduced costs associated
with a fall in the counterfeit rate, as well as from a currency in which there is
widespread confidence.</p>
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