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How long have you got to spend round £1 coins?

The new £1 coin came into circulation a few months ago which means the clock is ticking on the round pounds in your pocket.

The Royal Mint say their new 12-sided coin, which came into circulation at the end of March, is “state-of-the-art” and “the most secure coin in the world”.

But its introduction means the end of the golden nugget we’ve had in our pocket for 30 years – sadly the old round pound is now too vulnerable to counterfeiters, with one in 30 believed to be forged.

The day that the old pound coin goes out of circulation is October 15 – in just over 10 weeks’ time.

Does everywhere accept the new coins?

You’ll find that all shops and banks will take them but when it comes to paying for something in an automated machine, like pay & display parking, some machines aren’t yet equipped for the new coins and will reject them.

By October 15 all machines that don’t currently accept the new £1 must be updated to fit it, as there will be no more old round pounds in circulation.

So how do you get rid of your old pounds?

After October 15 shops aren’t permitted to accept or distribute the coins, but will still you have a limited time to exchange your pound coins at most high street banks and the Post Office before they become completely worthless. Hoever, it’s best to check with your bank before carting all your old coins down there.

What’s so different about the new £1 coin?

The most obvious difference is that it’s now 12-sided, instead of being round. On the ‘tails’ side of the coin is the English rose, Welsh leek, Scottish thistle and Northern Ireland’s shamrock emerging from a royal coronet, and on the ‘heads’ side, the usual portrait of the Queen.

It’s made of two metals, with the outer “gold” ring made of nickel-brass, and the inner “silver” circle nickel-plated alloy.

Like the new £5 notes we’ve become used to, the coin is also holographic, so a ‘£’ sign or a ‘1’ can be seen on its face in different light

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