THE new pound coin looks set to cost Poole and Bournemouth council’s more than £30,000 combined.

The 12-sided coin, which comes into circulation in March, has been designed to combat counterfeiters, who have flooded the UK with around 45 million fake £1 coins.

However, while local authorities will be welcoming the new security features of the £1 coin, they won’t be looking forward to the costs associated with reconfiguring their car park pay and display machines.

Borough of Poole (BOP), which operates more than 100 pay and display machines, estimates that the cost of carrying out software upgrades to their machines will run into the region of £25,000.

Meanwhile, Bournemouth council - which operates around 200 machines - believes the cost of configuring their parking machines to be around £7,000.

Poole parking services manager Jason Benjamin explained: “In Poole we have over 100 pay and display machines, and due to the cost involved in converting them all, it has been agreed that the work will be done in phases.

“We have prioritised the most used machines in Poole and we have planned to have all machines completed by March, when the new pound coin will be introduced into circulation.

Bournemouth council thinks it will cost £35 per machine to make them all compatible with the new coin.

New security features on the coin include a hologram-like image that changes from a £ symbol to the number one when the coin is seen from different angles.

Dorset County Council network management service manager Simon Gledhill confirmed all of DCC’s pay and display machines would also have to be modified. Although County Hall says it is difficult to estimate an overall cost, due to maintenance work being carried out on the machines at the same time, it is also likely to run into thousands of pounds.

A Local Government Association spokesman said: “Councils have experienced substantial budget reductions and adapting parking meters is likely to be a further cost burden.”

Machines at car parks in West Dorset, Weymouth and Portland, North Dorset and Purbeck will need a software recalibration - costing £110 per machine for all councils except Purbeck, where it will cost £95 per machine.

The current £1 coin will be legal tender alongside the new coin until October 15.

The public is being urged to use their current £1 coins or bank them before the October deadline, when they will lose their legal tender.