New £1 coin could bring parking chaos

U.K.'s New £1 Coin Faces 800-Year-Old Trial Of The Pyx
This machine helps you to pay parking tickets quickly and conveniently

Drivers are being warned of a parking nightmare when the new £1 coins are introduced next month.

The new twelve-sided coin is due to come into circulation on March 28, with the old coins being gradually withdrawn from October onwards.

But while both will be legal tender during the period of overlap, drivers are being warned that they may face chaos when trying to park.

The least common (and most valuable) £1 coins

Tens of thousands of pay and display machines - around a quarter of the UK's total - are not expected to be ready in time.

According to the British Parking Association, rural areas are the most unprepared, with many machines too old to be modified for the new coins.

It says that some councils are considering making parking machines cashless instead, as introducing tap-and-go technology could work out cheaper than changing the shape of the coin slots.

The cost of adapting all the pay-and-display machines in the country could be as much as £50 million, it adds.

Vending industry complains over switch to new £1

"Many operators already offer flexible payment methods including credit cards with a small number of motorists using mobile phone apps," says the BPA's director of policy and public affairs, Kelvin Reynolds.

"If older machines are upgraded to include all the current payment methods, the costs could be much greater than £50 million."

Similarly, many vending machines may not be updated in time - as many as 40%, according to the Automatic Vending Association.

"Machines run by private companies are likely to be slower to adapt as they might need to get permission to do the modification, which is more time consuming," chief executive Jonathan Hart tells the Daily Telegraph.

New 12-sided £1 up on eBay - but are they legal to buy and sell?

The amusement industry is also worried about the cost of adapting gaming machines to the new coins.

"We can't pass on any cost in the amusements industry. We're constrained not only by the coinage itself but also by having a maximum stake," says chief executive of industry body Bacta. "So any time there's a cost increase, it just comes straight off the bottom line."

Meanwhile, a new survey from Mastercard has revealed that as many as 40% of the public is still unaware of the changeover. It estimates that the public could lose a whopping £1.1 billion by failing to spend all their coins in time.

Incredibly valuable coins
See Gallery
Incredibly valuable coins
This Australian coin was the first half crown minted under Edward VII. The price for a Melbourne coin in good condition is particularly high because around half of them were produced with faults. It’s now worth £7,500 and has risen in value some 13,789% since it was first in production

The only half crown on the list gets its position from its rarity value. However, the fact this is a silver coin rather than a gold one does affect its value - so it’s worth £10,500. It’s significantly less than others on the list - but it has still appreciated 79,445%.

This is the newest coin in the top ten, and the first year that sovereigns were produced featuring the Queen. The coin was produced in small numbers for investors - rather than for circulation - so is thought to be worth £12,500, due to its rarity.
This is another collectable gold coin prized for its rarity value. It’s worth £15,000 today and has appreciated 191,716%
This was issued in very small numbers, as it was produced during WWI. As a result, few are available - especially as uncirculated coins - so one in good condition will fetch £16,000.
This is another coin prized for its rarity, thanks to a relatively low number being minted, and more being taken out of circulation during WWI. It’s now thought to be worth £17,000 after appreciation of 42,084%.
This 1926 coin has shot up in value and is now worth £31,500. The rise in value is partly to do with a very low mintage, and partly to do with the fact that people were asked to hand their sovereigns over to be melted down during WWI, which took many of them out of circulation.
This brass threepence from 1937 has benefited enormously from the fact that Edward didn’t stick around for long to get too many coins struck in his image before he abdicated. It is now worth £45,000.
This 1933 penny has seen a stunning appreciation in value and is valued at a whopping £72,000 today. The value is due entirely to rarity. Only around seven British versions of this coin were minted, and were intended for the King to bury under the foundation stones of new buildings. They have been subject to theft, and a few are said to be in private hands now.
This isn’t the oldest coin in the list, but it was produced in a year when all gold coins were recalled and exchanged for paper money - so the vast majority were melted down. Its rarity and popularity puts it head and shoulders above the rest. It is worth an eye-watering £6,500,000, and has increased in value 2,178,885% since it was produced.
Read Full Story