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New 12-sided £1 coin goes into production

The new 12-sided £1 coin has gone into production - a year before it is to be released.

New 12-sided £1 coin Credit: HM Treasury/PA

More than 4,000 coins are coming off the production line a minute, and they will enter circulation in March 2017 according to the Chancellor.

When the new coin is introduced, there will be a six-month crossover period when the current round pound coins and the new pound coins are both in circulation.

The current £1 coin is being replaced for the first time in more than 30 years because of its vulnerability to sophisticated counterfeiters.

Britons hoard £317.5 million in loose change

Britons are hoarding around £317.5 million in loose change in their homes, a new study has found.

Men are the worst culprits and tend to leave more loose change lying around than women, typically keeping £18.18, compared with about £10.19 for women, according to Lloyds TSB's findings.

One person in 10 has between £50 and £100 in change - while three per cent of those surveyed said they had more than £100 at home.

People living in the North keep the highest typical amounts at home, with an average of £18.24, while those living in Wales tend to hoard the least, with only £7.78 on average kept in change at home.

More than 2,000 people took part in the research.