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This is how long you've got to spend the old £1 coins

Deadline for shops to stop accepting the old round coins is fast approaching

Time is running out for you to spend the old £1 coins before they cease to be legal tender.

Shiny new 12-sided coins were introduced by the Royal Mint earlier this year.

Now there are just weeks left for you to spend your old ones, so get spending them over the summer.

Here's what you need to know, via our sister paper The Liverpool Echo.

The new 12-sided coins starts to come into circulation on March 28 and shops have been told to stop accepting the old round coins on October 15.

But, for a limited time after October 15, banks and post offices will still allow customers to deposit old £1 coins into their accounts.

(Image: Royal Mint/PA)

Other anti-counterfeiting features include its dual-metal design, with a gold-coloured outer ring and a silver-looking centre, the micro lettering around the rim and the milled edges on alternate sides.

It also has a hologram-like image that looks like a £ symbol or a 1 when viewed from different angles.

The Mint will release 1.5 billion of the £1 coins, and a new 50p honouring Sir Isaac Newton.

There will also be two new £2 coins, one with Jane Austen and the other marking World War One.

All four pieces will be circulated in March this year and shoppers will have just six months to spend their old one pound coins as the old coins will stop being legal tender on October 15, 2017.

But will they work in shopping trolleys, vending machines and parking meters?

When it comes to parking meters and vending machines, it seems that there is not going to be an issue with the new 12-sided coins, in theory.

(Image: Royal Mint/PA)

The Royal Mint has been working hard to ensure everything from parking meters to vending machines accept the new £1 coin when it is launched.

But with millions of machines out there, it's likely the odd machine won't take them.

The roll out has been welcomed by many businesses as it will reduce the chances of them receiving a fake coin.

But the Royal Mint say that if your business may be affected, you should take this opportunity to contact equipment suppliers to find out if you need to make any adaptations.

(Image: Royal Mint/PA)

The new coin will not work in shopping trolleys, but supermarkets across the country have already began the process of updating their locks.

There has been a plan put in place since the announcement of the new coin from the Mint which includes updating the lock and providing alternatives to the coin being needed. So hopefully this wont stop you doing your big shop.

The same goes for changing room lockers that only accept the old circular coins.

The Royal Mint has launched a new website urging businesses to get ready now, or risk problems in March.

Jonathan Hart from the Automatic Vendors Association said operators will send out engineers to upgrade them.

He expects the upgrades to cost millions - although operators should make their costs back thanks to the reduction in forged coins.

Older machines will have to be temporarily removed in order to be fixed, he added, although others can be fixed on site.

Hart explains: “When you put your £1 coin in a vending machine, it goes down a ramp, almost like a motorway. If the machine recognises the coin, it is allocated into a plastic tube where all the £1 coins are kept. If it is not accepted it just comes out again.

“Among these tubes, there is usually at least one spare for upgrades. During the initial period, the new £1 will go into one of the spare tubes. Then an engineer will switch the temporary tube off. “

There will be 1.5 billion new coins produced, and the new coins will hopefully reduce the damaging costs caused by counterfeits.

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