Out with the old: The round pound enters its final week of circulation

Rebecca Smith
The Royal Mint Launch The new 12 Sided One Pound Coin
The round pound is being replaced by a 12-sided coin (Source: Getty)

The deadline for switching out the nation's round pounds is drawing closer with just over a week for the public to spend, bank or donate the coin.

From Sunday 15 October, the pounds lose their legal tender status and will no longer be accepted in shops and restaurants.

Read more: It's the final countdown: In two months the round pound will be worthless

Instead, people will be expected to have moved across to the snazzy new 12-sided £1 coin, which is bimetallic, designed to crack down on forgeries.

The Royal Mint Launch The new 12 Sided One Pound Coin
(Source: Getty)

The exchequer secretary to the Treasury warned in August that half of the coins being returned were the wrong one.

Andrew Jones said that people were returning the new 12-sided £1 to coin storage facilities as opposed to the old round pound.

Jones said: "Businesses must remain vigilant when returning coins, and ensure old and new coins are organised in separate packaging.

"We also want cashiers and shopkeepers working at till points, who are truly on the front line of the changeover, to ensure only new pound coins are given to shoppers in their change."

Businesses have been under pressure to prepare for the switch too, needing to make sure any equipment, such as vending machines, are adapted to fit the 12-sided coin.

Amid the flurry to switch out any old pound coins, Hargreaves Lansdown has revealed that pound coins have lost a third of their value since they were introduced in 1983, and has offered some tips to help beat inflation.

Sarah Coles, personal finance analyst at Hargreaves Lansdown, said:

Overall, today you would need £3 to buy what you could get for £1 back in 1983. Some prices have risen faster than others, so while the price of a pint of milk has more than doubled, the price of a loaf of bread has almost tripled and the price of a pint of beer has risen more than four-fold.

Among the tips offered to tackle inflation are keeping your own costs down, tracking down competitive savings accounts, considering whether to move longer term savings into equities, and look at ISAs and pensions so you can keep more of your own money.

Read more: Royal Mint website takes a new pounding

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