Roll-out of new pound coin provides digital opportunity for charities » Charity Digital News

Roll-out of new pound coin provides digital opportunity for charities

A number of charities have rolled out social media focused fundraising campaigns designed to capitalise on the introduction of the new £1 coin today (28 March).

Numerous charities have turned to the #PoundforPound hashtag to encourage donations of the new, or old for that matter, coins.

The Institute of Fundraising (IoF), in a blog post on its website, points out that fundraising campaigns like this have been successful before – just last year, the #firstfiver and #fivergiver campaigns reportedly raised £12.5m.

“The launch of the new £1 coin is likely to provide similar opportunities for charities to invite their supporters to give generously to the causes they care about,” the blog added.

“It’s estimated that over one third of the £1.3bn worth of coins stored in piggy banks or jam jars around the UK, are the current £1 style. Government research suggests that that 5% of the public would consider donating their old £1 coins to a charity when they cash them in.”

The IoF has been working with the Royal Mint and others to encourage people to donate their old pound coins when they receive a new one, raising awareness using the hashtag #PoundforPound.

As well as the initial launch of the new coin, there is also scope for charities to think about how they might organise their fundraising activities and campaigns during the transition period over the summer as people become more aware that the old £1 will be taken out of circulation in October.

Macmillan, St Margaret’s Hospice, Action for Children and Thames Hospice are just some of the charities that have turned to social media today to use the new coin’s roll-out to their benefit.

Charitites are also being reminded of the need to update collection boxes, money counting machines and other tech to ensure compliance with the new coin.

Related reading