The 12-sided £1 coin will enter circulation on Tuesday, March 28 while the new £10 note will be released in the summer.
But you don't need to be in a hurry to spend your round shaped pounds, as you have until Sunday, October 15 to either spend or bank them.
Here's everything you need to know about the new monies and what to do when they come into circulation.
The Bank of England and the Royal Mint
The Bank of England is the central bank of the UK and it is sometimes known as the ‘Old Lady’ of Threadneedle Street.
It is the establishment's responsibility to produce and issue secure bank notes and it has been doing so for more than 300 years.
Meanwhile, the Royal Mint makes our coins and on average it produces coinage for more than 60 countries every year.
However, its first responsibility is to produce and distribute United Kingdom coins.
How can I get rid of my old £1 coins?
You have until Sunday, October 15 to either spend or bank your old coins - after that date they will cease to be legal tender.
The round pound was first introduced in 1983 and replaced the £1 note. Since the release of the coin Royal Mint has produced more than 2.2 billion of them.
When the 12-sided £1 comes into circulation don't be surprised if you don't see it straight away as it will take time for it to filter into general use.
Why is the new £1 hailed as the most secure coin in the world?
According to the Royal Mint the new coin has a number of features that make it much more difficult to counterfeit.
12-sided – its distinctive shape makes it instantly recognisable, even by touch.
Bimetallic – it is made of two metals. The outer ring is gold coloured (nickel-brass) and the inner ring is silver coloured (nickel-plated alloy).
Latent image – it has an image like a hologram that changes from a £ symbol to the number 1 when the coin is seen from different angles.
Micro-lettering – it has very small lettering on the lower inside rim on both sides of the coin.
Milled edges – it has grooves on alternate sides.
Hidden high security feature – a high security feature is built into the coin to protect it from counterfeiting in the future.
The new £10 note
The Bank of England is keeping tight-lipped about the official release date of the new tenner.
We do know it will be made from polymer - the same material used to make the £5 - which came into circulation in September last year.
It will be smaller than the current £10 note but larger than the new fiver.
There are also plans for a new £20 note in 2020.
What happens when the old £10 goes out of circulation?As we don't have an official release date of the new note it's difficult to say when you need to spend your old ones by.
However you will have a few months, to either spend or bank them, when the polymer note comes into ciruclation.
If your bank, building society or Post Office is not willing to accept your old notes you can exchange them with the Bank of England in London by post or in person, even after the date it ceases to become legal tender.
Other new money set for release in 2017
This year there will also be two new £2 coins - one commemorating Jane Austen and the other a First World War Aviation coin. There will also be a Sir Isaac Newton 50p piece.
However, the new coins will not be replacing the 50 pence pieces and £2s you currently have - they will simply be added to the circulation of coins already out.