With the brand new one pound coin coming into circulation in just 41 days time, you won't have much longer to spend your old round pound .

The new, 12-sided one pound coin will be released into the hands of the public on March 28, after which, we will have just eight and a half months to spend the old coins before they are no longer accepted.

The new coin is being introduced in a bid to tackle counterfeits.

Chief secretary to the Treasury, David Gauke, said: "This is a historic moment as it's the first time we've introduced a new £1 coin since 1983, and this one will be harder to counterfeit than ever before.

"Our message is clear: if you have a round one pound coin sitting at home or in your wallet, you need to spend it or return it to your bank before October 15."

Key dates

  • March 28 - The new one pound coin comes into circulation
  • March 28 until October 15 - Both the new and old one pound coin can be used
  • October 15 - Shops are under no obligation to accept the old pound coin
  • After October 15 - For a limited period, old one pound coins can still be deposited at the Post Office and into bank accounts.

The new one pound coin

The coin was designed by David Pearce, a schoolboy from Walsall who was 15-years-old when his design was chosen out of thousands.

The old pound coin has not been replaced for more than 30 years, but due to its vulnerability to counterfeiting, a new coin has been designed.

Key fact about the new pound coin

  • It has 12 sides.

  • It has a high security feature built in to protect it from counterfeiting.

  • The new coin will be lighter, weighing 8.75g.

  • It is also thinner, at 2.8mm thick.

  • And is slightly larger than the old coin, measuring 23.43mm in diameter.

  • It is made of two metals: Nickel-brass and nickel-plated alloy.

  • It has a hologram image that changes from a £ sign to the number 1 when seen from different angles.

  • It has micro-lettering on the lower inside rim on both sides of the coin.

  • It has grooves on alternate side.

Yes, you may be excited about spending your first 12-sided one pound coin, but don't leave your old one gathering dust.

So dive into those piggy banks and make sure you spend those old one pound coins before October 15.

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