There are just weeks to go until the new £1 coin enters circulcation in what's being billed as the "most secure coin in the world". 

Over 39 million £1 coins are currently stashed away in piggy banks, jars and purses across the south west.

What should I do with my £1 coins?

Residents are being encouraged to spend or return their £1 coins so that they can be melted down and reused for the new coins.

The current £1 coin will stop being legal tender on October 15. 

But don't be in too much of a hurry to spend your £1s. According to Change Checker, some of the rare coins could be worth up to £50. 

The Royal Mint is currently producing 1.5 billion new £1 coins at a rate of up to 2,000 each minute and a staggering three million every day.

Its shape and composition make it very difficult to reproduce.

It also boasts several new security features, including a hologram and The Royal Mint's specially developed High Security Feature, hidden within the coin and detectable at high speeds in banks and cash centres.

Why is it more secure than the round £1 coin? 

12-sided - its distinctive shape makes it instantly recognisable, even by touch

Bi metallic - it is made of two metals. The outer ring is gold coloured (nickel-brass) and the inner ring is silver coloured (nickel-plated alloy)

Latent image – it has an image like a hologram that changes from a ‘£’ symbol to the number '1' when the coin is seen from different angles

Micro-lettering - it has very small lettering on the lower inside rim on both sides of the coin (one pound is written on the obverse 'heads' side and the year of production on the reverse 'tails' side)

Milled edges - it has grooves on alternate sides

Hidden high security feature – A high security feature is built into the coin to protect it from counterfeiting in the future

What will it look like? 

The new 12-sided coin is thinner, lighter and slighty larger in diameter than the round £1 coin at 23.43mm. 

It also features a new design that shows the English rose, the Welsh leek, the Scottish thistle and the Northern Irish shamrock emerging from one stem within a royal coronet.

The fifth coin portrait of Her Majesty the Queen, designed by Royal Mint coin designer Jody Clark, is featured on the coin

Commercial Secretary to the Treasury, Baroness Neville Rolfe, said: “The new £1 will be the most secure in the world, helping to tackle the scourge of counterfeits, and it is great to see that some of the old round pounds will be melted down and reused to make these.

“We are urging the public to dig out their rounds pounds from coat pockets, handbags and down the back of sofas, in order to spend or return them before 15 October."

CEO and Deputy Master of The Royal Mint, Adam Lawrence, said:

"Here at The Royal Mint, we're very proud to have designed and manufactured the new 12-sided £1 coin.

"It's been over 30 years since the old round pound was first introduced and it seems a fitting send off that many of the coins that are returned will be melted down and reused to make the new coins."

For more information visit thenewpoundcoin.com