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You have just days left to spend your old £1 coins before it goes out of circulation

PUBLISHED: 09:00 07 October 2017 | UPDATED: 13:09 07 October 2017

The old £1 coin. Picture Simon Cooper/PA Wire.

The old £1 coin. Picture Simon Cooper/PA Wire.

It’s just over a week until the round pound is officially no longer legal tender.

From midnight on Sunday October 15 businesses will cease to accept the old pound, so now is the time to start rummaging through your jean pockets, piggy banks and sofas.

If you do happen to find an old quid, the easiest option is to spend it, but you don’t have to. Banks will exchange the coins or transfer the funds into your account prior to the cut-off date.

It is worth noting if you’re a procrastinator, October 15 is a Sunday and banks and shops will close earlier, if they open at all, effectively bringing the deadline forward.

If you don’t wish to spend, bank or exchange your pounds then you could use the opportunity to donate the old money to a cause of your choosing.

Alternatively, you could collect the coins. As more and more are removed from circulation they are becoming increasingly rare, and therefore valuable. There are 25 variations of the old coin, the rarest of which is now available on auction sites for £35.

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