The billionth new £1 coin rolled off the Royal Mint's production line today (10 July), as British shoppers and retailers prepare to bid farewell to the round pound they have used for almost 35 years.

The new 12-sided pound coin entered circulation in March and boasts high-tech security features to combat counterfeiting.

Around one in every thirty £1 coins in people's change in recent years has been fake.

By mid-July there will be more new coins in circulation than old, said the Treasury.

It added people have already returned 800 million of the old coins, which first entered circulation in 1983.

But one in three people still have said the Treasury. These coins needed to be used before the old coins stop being legal tender on 15 October.

Exchequer Secretary to the Treasury Andrew Jones said: "In less than 100 days, the round pound will lose its legal status. So people need to spend, bank or donate them by 15 October."

Deputy Master of The Royal Mint Adam Lawrence added: "Many of the old round pounds returned will be melted down to make the new coins so we're asking everyone across the UK to make sure they check their coin jars and piggy banks for round pounds."