Dig out your old £1 coins! – New 12-sided £1 coin in Circulation

The launch of the new 12-sided £1 coin has taken place. Have you seen one yet??

In case you, your children or your grandchildren are sitting on hoards of £1 coins that you have been stashing away in jam jars, cupboards or under the bed (literally) .... then read on ....

The Royal Mint introduced the current £1 coin in April 1983 but there have been increasing concerns that it has been vulnerable to sophisticated counterfeiters – it is estimated that at least 1 in every 30 £1 coins is a fake!

The new coin which has been hailed as "The most secure in the world", features a string of new security measures, including a hologram.

Whilst you can still use the old £1 coins, they will cease to be legal tender from 15 October.

The Government estimates that around £1.3 billion worth of coins are stored in savings jars across the country, and the current £1 coin accounts for nearly a third of these!

So, the Treasury is 'calling on conscientious children saving pocket money, to families who like to hold on to coins for a rainy day – to be ready'.