The old coin has been a favourite of savers since it was introduced in 1983. However, it is set to be replaced by the new 12-sided 1 pound coin in March and the round pound will cease to be legal tender by October 15.
The Sun reports that the government estimates that 1.3 billion pounds worth of coins are stashed away around a third – or 433 million pounds – of which are pound coins.
On Sunday the final design for the 12-sided coin was unveiled and ministers warned the old one would become worthless, it said.
The new design is made of two metals, with a gold- coloured outer ring and a silver-coloured inner ring. It has the pound symbol that changes to the number ‘1’ when the coin is seen from different angles and is thinner and lighter than the current coin.
Chief Secretary to the Treasury David Gauke said: “March 28 should be an important date in everybody’s calendar this year – as we will have a new quid on the block.
After the introduction in March there will be a transition period when vending machines may only accept old coins.