There is less than a week to go until you can no longer use your old pound coins, The Royal Mint has announced.

HM Treasury and The Royal Mint are appealing to UK consumers to get spending and clear their wallets of the round pound coins before the clock strikes 12 am, on Sunday 15 October.

After this date the coin legally goes out of circulation and will no longer be accepted in shops and restaurants.

Alternatively, taking the old coins to the bank or donating them to charity would also be a good way of parting with the old money.

The round pound first came on the scene in 1983, but because of its shape, it was an easy target for counterfeiters. The Royal Mint believes as many as 1 in 30 were fake.

The exchequer secretary to the Treasury, Andrew Jones MP, said: “The hard work of the British public has paid off and I am delighted that more than 1.2 billion round pound coins have been returned.

"Added together, these coins match the weight of around 3,500 elephants or 900 double decker buses. That is a lot of coins!”

Despite the words of praise from the exchequer there are still 500 million old pound coins in circulation.

With less than a week to spend them all, many Brits are complaining that there is not enough time for a complete transition.

Brits have until Sunday 15 October to use up all of their old pound coins.

Another major upset for people across the UK is that parking meters aren’t accepting the new coin.

ITV News  reporter, Sally Biddulph, tweeted: “With only 5 days till old £1 coin is no longer accepted, what about trolleys & parking machines which do NOT accept the new coins?”

On Twitter, Mike Panteli said: “I swear we usually get longer to phase out a note or coin. New £1 coin only came in March. Old one not legal from next week! Out of order.”

Consumers may breathe a sigh of relief as high-street retailer Poundland has said it will still accept the older coins until Tuesday 31 October.

Sainsbury's and Tesco have spoken out and admitted a small number of their shopping trolleys do not accept the new coin but they are working to change this soon.

Banks and post offices will also accept deposits containing old £1 coins until further notice.

As the deadline approaches, we are keen to encourage everyone to track down their final coins and use them

Adam Lawrence, The Royal Mint
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CEO and deputy master of The Royal Mint, Adam Lawrence, said: “The round pound has been in circulation for over thirty years but, as the deadline approaches, we are keen to encourage everyone to track down their final coins and use them." 

Gareth Shaw, Which? money expert, said: “Old £1 coins can still be traded in at banks, building societies and post offices after this date.

Although some retailers will continue to accept old coins beyond Sunday, you don’t have to accept them as change – you can ask for a new pound coin instead.” 

HM Treasury and The Royal Mint have teamed up with Children in Need and are encouraging the public to donate any old coins to Pudsey’s Round Pound Countdown.