Got any loose change lying around the piggy bank? Time to start spending, because the round £1 coin as we know it will cease to be legal tender on October 15th, 2017.
Instead, get ready for the new £1 coin featuring two metals and 12 (yes, 12!) sides. The new coin will be thinner and lighter than the current pound and have an image that changes from a '£' to a number '1' when seen from different angles. Not too shabby!
Apparently, the old coins were easily illegally copied, meaning that there are lots of counterfeit pound coins in circulation. In fact the Royal Mint, who makes the coins, estimates that 3% of £1 coins in circulation are fakes.
The new coin was announced two years ago and will be "the most secure coin in the world," according to the Royal Mint.
Announcing the date the new coin will enter circulation, Chief Secretary to the Treasury David Gauke said, "March 28 should be an important date in everybody’s calendar this year - as we will have a new quid on the block.
"This is a historic moment as it’s the first time we’ve introduced a new £1 coin since 1983, and this one will be harder to counterfeit than ever before."
So, what to do with your old coins? Don't worry - you don't need to go on a mad shopping spree just yet! You will still be able to use the round £1 coin until October 15th, but after that date they will then become worthless. If you don't fancy spending all your change, you can swap your old coins for new ones at the bank.