PEOPLE in the South West with stashes of £1 coins are advised to get rid of them before the new design is introduced next month.

As some of the new coins will be made from the old round pound, people in the South West are encouraged to either spend or return their old coins to the bank so that they can be melted down and used to create the new money.

The Royal Mint’s new 12-sided pound coin is being introduced in March to improve security and reduce the amount of fake coins in circulation.

Commercial Secretary to the Treasury, Baroness Neville Rolfe, said that it will be a “historic moment” for British people.

“There is just one month to go before we introduce the first new one pound coin since 1983, and this is a historic moment for us all.

“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."

Over 39million old pounds are believed to be stashed away in piggy banks, jars and purses across the region, according to data produced by YouGov, and they will become worthless in October 2017.

The new 12-sided coin will be the most secure in the world, as its shape and composition make it very difficult to reproduce.

The pound boasts several new elements, including a hologram and The Royal Mint's secret High Security Feature, which is hidden within the coin and detectable at high speeds in banks and cash centres.

The new features will help in the battle against sophisticated counterfeits, which cost taxpayers and businesses millions every year.