The Benefits of using a Coin Counting Scale
Since the changes to the £1 coin in March 2017 and its removal from circulation in October 2017, many businesses have had to change equipment to be compatible with the 12-sided £1 coin.
Whilst there appears to be no further changes to UK currency at this time, it is vital for businesses to be aware of how using an adaptable coin counting scale can help your business prepare for changes yet to come.
How the new £1 Coin affected businesses
Businesses that owned a coin counting scale were already familiar with the benefits though convenience and the scales ability to detect counterfeit coins as well as stolen or otherwise missing coins. However, most coin counting scales at the time were pre-configured by weight and could not be changed manually due to initial hard-wiring. This effectively rendered these machines un-useable for counting, as the new £1 coin is lighter than the old £1 coin and would not register within the counting machine.
Several problems that occurred in retail stores or businesses without a re-configured counting scales:
- Firstly, time management would have become a concern, the business would have needed to have dedicated more staff time to counting new currency outside usual working hours. This would have potentially resulted in further setbacks on the shop floor and negative staff morale.
- Secondly, in line with the first point, employment costs would have increased as employers would either have needed to pay staff for the increased time needed to sort the coins into new and old or employed more staff to fill in for other tasks that would have been left unfinished as a result.
- Finally, profit may have been lost through human counting errors as well as through counterfeit currency in circulation.
Whilst these issues may seem troubling for individual businesses working to a tight financial budget, global retail chains would have seen the expansion of these issues over all stores with financial impact.
What was the overall result?
Increased business expense through employment costs and replacement coin counting scales. Decreases in staff morale as tasks would have required them to stay behind or work longer hours to combat this. Increased risk of counterfeit coin circulation within the business, as well as delays whilst a new coin counting scale was ordered, shipped and configured for use.
Why does this matter now?
Whilst the new £1 coin is no longer new, currency denominations are being changed, added or removed all the time. As recently as April 2019, it has been suggested that 1p and 2p coins may be removed due to the rise in contact-less and card payments, which is expected to severely impact amusement arcades and retail stores across the country who will have to adapt to the possible changes. Should the coins be replaced or the design changed (therefore impacting weight), it will once again be necessary to weigh out coins to detect counterfeits and perform tedious till counts.
Businesses that rely on small change denominations such as arcades, retail stores and currency exchanges need to be prepared for the ever-changing currency landscape, and buying a coin counting scale or coin sorter now is a great way to streamline manual counting procedures when the time comes.
Why you need a coin counting scale
Coin counting scales are used within small-scale businesses right up to large-scale global companies for accurately counting currency. Counting scales ensure standardisation and decrease miscalculations resulting from human error. More importantly, coin counting scales help to determine counterfeit coins by identifying differences in weight. It is therefore essential for businesses to own a coin counting machine that is fully capable of dealing with any new currency changes.
Where are coin counting scales used?
It is essential that small businesses record income accurately in order to budget for expenditure, tax and staff wages. In finance departments, coin counting scales can count currency fast without the need for manual labour, eliminating human counting errors.
Retail stores & supermarkets
Coin counting scales can be used to check that your till is showing the correct value and that no change is missing. Supermarkets often have multiple till points open and each of these will need to be counted individually to work out totals for each working day. Cash and carries or stores that are open 24 hours, have little time to conduct manual counting activities, a reliable cash counter is a necessity to ensure that counts are both fast and accurate to cause minimal interruption to customers and reduce waiting times.
The CCEU are particularly useful within arcades and include token values that can be used for certain games or amusements. Coin weighing scales be used to detect counterfeit coins used in machines and ensure that these are taken out of circulation. They can also be used to keep an accurate record of how much money is placed inside certain machines e.g. slot machines or 1p machines that would prove particularly difficult to count manually.
When filling slot machines you may have a large amount of change that needs to be divided several ways, the CCEU can be used to count out a certain amount of coins for each machine e.g. £200 worth of 2p coins, ensuring that you are using a regulated amount for all your machines that can be monitored and maintained at regular intervals.
Currency exchanges often have to work with large amounts of currency from different countries. When calculating exchange rates and changing money, it is easy for mistakes to be made, therefore accurate coin counting scales are vital when counting small change in multiple currencies. Some coin counting scales have custom currency tokens built into the scale that can be pre-selected for dealing with regularly used coins in different currencies more quickly, many scales also have the option to convert into Euros, Pound Sterling or dollars.
CCEU coin counting scale: product overview
The CCEU is a lightweight, portable coin counting scale that is used to count money or tokens accurately and efficiently. The scale possesses a 1g readability and comes complete with 9 pre-set values and 3 token values, allowing users to perform cash handling calculations with ease. The CCEU works with Pound Sterling and Euro currencies, as well as pre-defined token values. A memory total application allows the addition of values to provide a running total of all calculations, while the use of an RS-232 interface allows you to send or print your results via computer or printer.
The CCEU coin counting scale features a large stainless steel weighing area and 20kg weighing capacity that allows large amounts to be counted at the same time. Adjustable feet and colour coded keys allow for overall scale stability and quick recognition of frequently used buttons.
The CCEU includes many features including zero-tracking, and audible overload alarm for when capacity is exceeded. Our CCEU counting scale can be externally calibrated for verification with approved calibration weights.
Please contact us if you require more information about the product or seek assistance in re-configuring your CCEU.