The new 12-sided £1 coin is going to enter circulation on 28 March, the Government has announced.

Its arrival means the "round pound" - a stalwart of piggy banks, purses and pockets since 1983 - is going to cease being legal tender on 15 October.

Once the new coins begin hitting the high street, Britons are going to be urged to spend or exchange their old pounds quickly to make way for "the new quid on the block".

The round pound's successor is thinner, lighter and slightly bigger in diameter - and experts believe that its distinctive design will make it trickier to counterfeit.

It has been estimated that about one in every 30 pound coins currently in circulation is fake, creating a headache for businesses and the Royal Mint.


Image: Plans to introduce the new coin, which resembles the old threepenny bit, were announced in 2014

The 12-sided pound has been heralded as "the most secure coin in the world", as it boasts several security features - including a holographic image which changes from a "£" symbol to the number "1" when the coin is seen from different angles.

Its design is based on the old threepenny bit, which went out of circulation in 1971.

More than 1.5 billion of the new coins are being made by the Royal Mint, with more than 2,000 a minute already being created at its plant in Wales.

If the coins were put side by side, it is believed there would be enough to stretch from the UK to New Zealand and back again.

Image: It is estimated that one in 30 of the old pound coins currently in circulation are fake

Retailers have warned that some vending machines may be unable to accept the new coins when they make their debut in March, but the British Retail Consortium says the industry is "committed" to being fully prepared for the change to our change.

James Lowman, chief executive of the Association of Convenience Stores, said: "It is essential that retailers are prepared for the introduction of the new £1 coin.

"The transition is likely to affect a number of areas of their business, especially if they have coin-operated machines such as self-service tills in store."