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The new coins are set to be minted using steel instead of copper and while they will have the same weight and diameter, the coins will be 11% thicker. Cllr Clarence Barrett, Leader of the Opposition (RA), said: "This is all a big plus for the Treasury as they will make substantial savings, but the Council will have to upgrade coin machines for parking, libraries and other facilities to accept the new coins. There will be a cost to this which the Treasury should pay for and not Council Tax payers as it means diverting funds from elsewhere." Quite apart from the impact on commercial businesses, the Local Government Association (LGA) estimate that upgrading thousands of coin operated machines to accept the thicker coins will cost councils in England and Wales around £5.5 million. 5.11.11 |
New 5p and 10p coins will be introduced from January 2012 which will not be accepted in existing coin operated machines such as parking meters.