You might want to head to the pound shops because you only have a number of months left to spend your old £1 coins.

The Royal Mint has revealed its new £1 coin that will be circulated on March 28, and you only have until October 15 to spend or return your round pounds.

The new coin, which is said to be one of the most secure in the world due its 12-sided shape, includes a number of other security features.

It has a dual-metal design, with a gold outer ring and silver centre, micro-lettering around the rim and 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 Royal Mint will release 1.5 billion of the £1 coins along with a new 50p honouring Sir Isaac Newton. There will also be two new £2 coins – one featuring Jane Austen and one marking the First World War.

Some of the £1 coins returned by the public will be melted down and used to make the new coin, which will be thinner and lighter than the original.

With regard to vending machines and parking meters, there should not be an issue with inserting the new 12-sided coins.

But the new £1 coin will not work in shopping trolleys or changing room lockers, so supermarkets and leisure centres across the country have started the process of updating their locks.

Operators will send out engineers to update locks – this is expected to cost millions, but it is argued operators will recuperate the costs back due to a reduction in forged coins.