using variables with sed

I'm trying to get sed to cut and replace using variables, but it doesnt seem to work, when I run this the mod time of the file does get updated. Is my syntax incorrect in the sed command?
Thanks

#!/usr/bin/ksh
#Modify header
set -x
HEAD=$(cat PBN2CPR1.TXT | awk 'BEGIN { FS = "," } ; { print $6 }')
TIME=$(date '+20%y%m%d')
echo $HEAD
for F1 in $(ls PBN2CPR1.TXT)
do
cp $F1 ${F1}.new
sed -e "s/{$HEAD}/{$TIME}/g" ${F1} > ${F1}.new
mv ${F1}.new ${F1}
done

try this

sed -e "s/$HEAD/$TIME/g" ${F1} > ${F1}.new
# or
sed -e "s/${HEAD}/${TIME}/g" ${F1} > ${F1}.new