The 'new and improved' 12 sided pound coin

You will need to spend all of your old round pound coins before October 15 this year - after that they will no longer be legal tender.

In six weeks time a new one is being introduced - the most secure coin in the world according to the Royal Mint.

The Treasury say the new coin will be very difficult to counterfeit. It has 12 sides, there's a small hologram at the base, and the design on the reverse side is very hard to copy."

At the Royal Mint, they are churning out the new coins at a rate of £100,000 a day.

The Treasury say they are scrapping the old currency to make life tougher for forgers.

Baroness Neville-Rolfe, Commercial Secretary to the Treasury, said, "We've got a lot of counterfeit pound coins in the system sitting in your jars at home."

"What we've decided to do is to re-coin the pound and we've brought in an ultra secure coin so that won't happen any more."

The UK Government say they're helping business prepare for the change. They claim it'll save the taxpayer millions by preventing forgery.

From October this 12 sided pound coin will be the only legal one.