PEOPLE across the UK are being encouraged to gear up for the launch of the new 12-sided £1 coin on March 28 by spending the old round pounds or returning them to the bank.

New YouGov data suggests that more than 82 million £1 coins are currently stashed away in piggy banks, jars and purses across the region. The Royal Mint is currently producing 1.5 billion new £1 coins at a rate of up to 2,000 each minute - three million in every day.

As some of the new coins will be made from the old round pound, people in the South East are being encouraged to spend or return their £1 coins so that they can be melted down and reused for the new coins.

The Treasury says the new 12-sided £1 coin will be the most secure coin in the world.

Its shape and composition make it very difficult to reproduce, but the coin 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.

This will help in the battle against sophisticated counterfeits, which the Treasury says cost taxpayers and businesses millions every year.

The legal tender status of the round £1 coin will be withdrawn on October 15, 2017.  From this date shops will no longer accept these coins, but you will still be able to take them to your bank. 

However, the Treasury has warned that not all machines will be able to take the new coin.

While businesses and councils have all been warned about the possibility, and many have upgraded machines to accept the 12-sided £1, the Treasury has warned there will be some problems.

The only advice given is to talk to individual organisations in different circumstances.