Check the back of your sofa, in your coat pockets and those dusty old piggy banks because the old £1 coins will soon be utterly useless.

From Sunday, October 15, the old round coin won't be legal tender and will not be accepted in shops, supermarkets or vending machines.

You have had almost six months to spend the old coins after a new, 12-sided version was launched on March 28.

Treasury minister, Andrew Jones told our sister title, The Mirror that businesses should make sure that the autumn deadline is met.

Mr Jones said: "There has been a fantastic effort from both the public and businesses in returning more than one billion old round pounds, and I thank everybody involved in this process so far."

After October 15, cashiers and shopkeepers won't be able to accept or hand out the old version of the coins, as they will no longer be legal money.

The new £1 coin was launched as part of the Royal Mint,s efforts to cut back on counterfeits. In January, as many as 50 million fake round pounds were in circulation. In a recent statement, the Royal Mint revealed that no new £1 coins had been forged so far, to its knowledge.

Adam Lawrence, the chief executive of the Royal Mint has said: "It's been designed to be fit for the future, using security features that aim to safeguard our currency, and currencies around the world, for years to come.

"Staying ahead of sophisticated counterfeits remains a constant challenge and this coin helps in that battle."

Baroness Neville Rolfe, the commercial secretary to the Treasury added: "Our message is clear, if you have a round one pound coin sitting at home or in your wallet, you need to spend it or return it to your bank before October 15."

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So what happens after October 15?

After October 15, businesses can refuse to accept the old £1 coin, however most high street banks, building societies and post offices will still trade them, providing you have an account with them.

Some of those returned by the public will be melted down and used to make the new version.

Can I swap your round pound after the cut-off date?

Whether you're heading to the shops to spend them, or swapping them out, after October 15, they are gone. But, we’re sure that there is plenty of you who will either forget, or find one after the deadline, and this is what you should do.

  • Take your coins to your local Post Office branch to have them exchanged for the new ones.
  • Alternatively, head to your local bank or building society and deposit the amount into a savings account. You can do this as early as now, or after October 15.
  • Pack all your coins into a money bag and pop to your local bank branch to swap them. They will be able to do this for you free of charge. Some may ask that you’re a customer before agreeing to do the swap.

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