The old £1 coin is going out of circulation SOON

Time is ticking on the old £1 coin, or 'round pound' as it is affectionately known is going out of circulation THIS WEEKEND! On October 15th 2017 the old pound coin will be officially out of circulation so get checking your change!

When the new coin was launched it was estimated there were around £433 million in savings jars which were the old £1 and could potentially be lost if they weren't exchanged or spent.

The new 12-sided £1 coin was introduced in March this year and was described as the most secure coin ever made with a number of security features including a hologram and micro-lettering.

At the time of release the Royal Mint released a video about the new coin, giving an in-depth look into its security features. However it wasn't long until some 'special' coins were spotted, that were apparently worth much more than their face value.

Last year over 200,000 coins were sent out as test coins and are not legal tender, however they have been spotted on eBay selling for over £70. Earlier this year one eBay user reportedly sold his trial coin for around £200!

Alex Cassidy, from GoCompare's Coining It In, explained that the £2 trial coins from 1994 have become one of the most sought after collectable coins in the UK and the £1 trial coins have the potential to do the same.

Like last year's £5 note, the £10 note will also be made out of polymer, this means we can have more fun using it as a needle to play vinyl records!

Remember you have until the 15th October to spend your old £1 coins!

Read more stories on MFR:

• £1
• One Pound coin