RENFREWSHIRE Council has set aside £100,000 from the public purse to cover the costs of the introduction of new £1 coins, it has been revealed.

The current £1 coin was introduced some 30 years ago and it is estimated that one in 30 in circulation is counterfeit.

In a bid to clamp down on the counterfeiters, the new £1 coin is to be introduced from March 28.

The 12-sided coin has extra security features and, although only slightly larger than the current version, it is both lighter and thinner.

However, this means many coin collection machines, such as those which dispense parking tickets, have to be upgraded.

And it will produce an expensive bill for Renfrewshire Council, which operates a total of 175 parking meters across the Paisley area.

Councillor Mags MacLaren, who represents Paisley North West, said: “It’s bad enough that the UK Government is cutting Scotland’s budget without imposing further costs on councils, including having to deal with the introduction of a new £1 coin.

“I’m not sure how many people are actually aware of the new £1 coin coming into circulation and I was surprised, when reading the council’s budget papers, that up to £100,000 may be needed to deal with this changeover.

“This is £100,000 that could be better used on local services.

“The existing £1 coins go out of circulation between March and October this year and, by October 16, businesses will no longer have to accept the current £1 coin.”

A spokesman for Renfrewshire Council confirmed that all of its parking meters will need to be upgraded.

He said: “It is essential that this work is carried out as the £1 piece is the most commonly used coin and the current round version will be withdrawn in October.

“Obviously, whenever new coins are introduced by HM Treasury, work needs to be carried out by local authorities to ensure the public can use them in machines.

“We will minimise any inconvenience to drivers by completing this work outside of the busiest times of day.”