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Out with the old...what should you do with your £1 coins?

A new 12-sided one pound coin in the hands of a coin press setter. Credit: PA Images

Out with the old, in with the new... the current £1 coin is being replaced for the first time in over thirty years.

The government says that the change will help to combat counterfeit coins, some 45 million of which are estimated to be in circulation.

The new 12-sided design was the idea of 15-year-old David Pearce from Walsall and will start to appear in tills over the next few weeks.

But don't throw away your old round ones just yet - here's all the information you need:

15 Oct
is the date that the round £1 coins will be withdrawn.

From this date shops will no longer accept the old coins, but you can still take them to your bank to be deposited.

The Royal Mint are encouraging people to use your coins up by this date or return them to your branch to be swapped for notes.

Businesses across the UK who handle cash have been informed that they will need to prepare for the switch over.

This is a process known as Demonetisation - when the current £1 coin is no longer accepted as legal tender.

The advise right now is to continue using your old pound coins as usual. Credit: PA Images

What is the best way to swap them?

The advise at the moment is to continue spending any of the current £1 coins you have as normal.

There will be a six month period when the current £1 and the new £1 coins are in circulation at the same time and both are usable.

However, if you do have any old pounds saved in money boxes or jars you should take them to your bank in bags of £20, they can be easily changed.

Further information about the new £1 coin is available from The Royal Mint.

A worker grabs a handful of the new 12-sided one pound coins. Credit: PA Images

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