THE new 12-sided £1 coin was introduced on March 28 this year and you now only have until midnight on October 15 to either spend, bank or donate your old coins.

Philippa McKeown Brown, head of consumer empowerment and protection at the Consumer Council, said: "It’s time to check the piggy-banks and money jars for £1 coins and to either spend them at the shops or exchange them at the bank or Post Office, because as of October 15, the current round £1 coins will cease to be legal tender and will no longer be accepted."

After October 15 you will still be able to put the coins into your bank, however businesses will be under no obligation to accept them, and most coin machines will only be accepting the new coin.

The new pound coin has stumped the counterfeiters, with no evidence the 12-sided design can be faked, a Government minister has said.

Exchequer Secretary to the Treasury, Andrew Jones, hailed the latest quid as the most secure form of currency in the world as he marked a significant milestone in the coin’s introduction.

There are now more new pound coins in circulation than their round predecessor – a coin that had become an easy target for counterfeiters.