The new 12-sided £1 coin became legal tender on 28 March 2017 and now with one billion coins having passed through the Royal Mint production line, it's time to say farewell to its predecessor.
Consumers who find old pound coins after the deadline can take them to any Post Office branch and deposit them into high street bank accounts. Some stores, such as Tesco and Poundland, plan to continue accepting round pounds for a short period of days afterwards.
The discount supermarket chain Aldi is to accept the old £1 coins in its United Kingdom stores for two weeks after they cease to be legal tender.
If you still have £1 coins lying about after the deadline there is no need to panic, old coins can continue to be deposited into a customer account at most high street banks in the United Kingdom, but they won't help you if you're short of change for the bus after the cut off date.
The Royal Mint created the new coin in an attempt to combat fraud, with three per cent of the old coins - equivalent to £45 million - deemed to be counterfeit.
The reason behind the new coins is that they will be harder to forge as one in 30 of the old round ones were thought to be fake. Exchequer Secretary to the Treasury Andrew Jones said people have returned more than 1.2 billion of the old coins in the past six months. "As the deadline is triggered, we are proud that the security features on the 12-sided £1 coin will help to safeguard our currency for years to come".
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Royal Mint are now encouraging all old pound coin owners to spend, bank or donate their coins before the deadline.
If you do not want to risk being caught out though, bear in mind that shops are not obliged to accept your old round pound after October 15, so it would be wise to offload your old coins by banking, spending or giving them to charity before then.
Although the last date to spend your old coins is technically this Sunday, some businesses will still be taking 'em while we get used to the change.
If, like us, your entire "savings account" consists off an old piggy bank full of pound coins you might wanna prick your ears up. Why?
RBS/NatWest also said it would encourage customers to try to hand in their old coins as soon as possible.