When does the old pound coin go out of circulation?
The old round pound will cease to be legal tender on October 15, 2017, although the Royal Mint is encouraging "people to use coins or return them to your bank” before then.
After this date, old coins can be exchanged or deposited into accounts at most high street banks including the Post Office.
But shops, restaurants and other businesses will not accept the old pound after the deadline.
Britons will start to see the new design in a few weeks’ time when it begins to filter across the UK.
The Royal Mint is producing 1.5 billion of the new pound coin, replacing 2.2 billion old ones.
GETTY / ROYAL MINT
The old pound coin will go out of circulation after the introduction of the new £1
The new pound coin features a raft of security improvements
Why is the pound coin being replaced?
The old pound coin has been in circulation since 1983, and is one of the most counterfeited coins in the world.
The Royal Mint has estimated that one in 30 pound coins is a fake – a total of around 30 million.
The new coin features a 12-sided bi-metal design that is harder to copy and a includes raft of new security features.
The “state-of-the-art” coin features a hologram-style image on the front, micro-lettering on both sides and a “hidden” security layer that allows coins to be scanned and verified within seconds.
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The Queen is on the front of the coin, while the reverse features a bold new design that shows the English rose, the Welsh leek, the Scottish thistle and the Northern Irish shamrock emerging from one stem within a royal coronet.
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Five pound notes with low serial numbers, especially those beginning with AA01, can be worth £200
There are 25 designs of the old pound coin
There have been 25 designs of the round pound, with some worth more than others.
A 2011 Edinburgh design is the rarest pound with 935,00 in circulation, and can fetch as much as £30 on auction sites such as eBay.
Yasmin Britton, product manager at The Westminster Collection, has said that coin collectors with a full set of all 25 designs stand to make the most money.
Ms Britton said: “We think that having a complete collection of old pound coins – one of each 25 designs – will be great for collectors.
“Once the new 12-sided pound coin is introduced in March and the round pound coins completely disappear from circulation it will be almost impossible to complete a collection, as you won’t be able to find the old designs in your change.
“As with all coins, once they are no longer in circulation they become worth more as they are harder to find and therefore sought-after.”