New pound coin: Everything you need to know about the new £1 coins launching this week

A new 12-sided £1 coin enters circulation on Tuesday, spelling the end of the old round pound.

The old coin is being phased out after first entering British pockets on April 21 1983 when it superseded the pound note.

But, after more than 30 years, a new version is being introduced in a bid to combat the growing threat from counterfeiters.

Around 1.5 billion of the new coins are being struck by the Royal Mint. Here’s everything you need to know about them:

When does it launch?

The 12-sided pound enters circulation from March 28.

Why are they being introduced?

There is concern that the round pound is vulnerable to counterfeiters.

Around one in every 30 round pound coins are fakes.

The new £1 coin boasts new security features and has been described as “the most secure circulating coin in the world”.

What happens to the old £1 coin?

The round point will still be accepted as legal tender alongside the new coin for just over six months, until October 15.

People have the option of either spending or banking the old coins.

Some of the new £1 coins will be made from melted-down round pounds.

What’s special about the new coin?

The high-security features include its 12-sided shape and bi-metallic structure, making it harder to fake.

It features a gold-coloured outer ring, a silver-coloured inner ring and an image that changes from a "£" symbol to the number "1" when seen from different angles.

It also has milled edges and micro-lettering, with the words “one pound” repeated on the heads side and the production year on the tails side..

What other features does it have?

The coin's design has a rose, a thistle, a leek and a shamrock, symbolising England, Scotland, Wales and Northern Ireland

It also features the fifth coin portrait of the Queen, designed by Royal Mint coin designer Jody Clark.

The coin is thinner and lighter than the old £1 but has a slightly larger diameter.

Is everyone ready for the new coin?

Tesco is leaving its shopping trolleys unlocked while work is done to make sure the new coin is accepted.

Other supermarkets including Asda, Morrisons and Sainsbury's have said their trolleys accept both the old and new coins.

It is estimated around 15 per cent of vending machines around the country haven’t yet been converted to take the new legal tender.