Time is running out for you to spend, bank or donate your old pound coins.

From October 15, nearly seven months after the new 12-sided £1 coin was introduced, businesses will be under no obligation to accept the old version, and most coin machines will only be accepting the new coin.

After this deadline you will still be able to put the old coins into your bank account, temporarily at least, but they will no longer be usable in shops.

MORE: Drivers are putting £1 coins and 'angry notes' on their windscreens in Greenwich

Philippa McKeown Brown, head of consumer empowerment and protection at the Consumer Council, said: "It’s time to check the piggy-banks and money jars for £1 coins and to either spend them at the shops or exchange them at the bank or Post Office, because as of October 15, the current round £1 coins will cease to be legal tender and will no longer be accepted."

News Shopper: Old one pound coins

The new pound coin has stumped the counterfeiters, with no evidence the 12-sided design can be faked, a government minister has said.

Treasury secretary Andrew Jones hailed the latest quid as the most secure form of currency in the world as he marked a significant milestone in the coin’s introduction.

MORE: Round pound removal hampered by new coins return

There are now more new pound coins in circulation than their round predecessor – a coin that had become an easy target for counterfeiters.

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