If you still have a purse full of old £1 coins, you had better get spending them.

The old £1 coin ceases to be legal tender and will go out of circulation at midnight on Sunday, October 15.

The new £1 coin was launched over six months ago now and has been fed into circulation to the point that the old traditional coins are much more uncommon than the new 12-sided coin.

The new 12-sided £1 coin

There had been concerns about the old round pound's vulnerability to sophisticated counterfeiters - around one in every 30 round pounds is a dud. The new £1 coin boasts new security features.

If you still have £1 coins lying about after the deadline do not panic, they can continue to be deposited into a customer account at most high street banks in the UK.