SAVERS are being warned to empty their piggy-banks because £1 coins in their current form will no longer be legal currency from October this year.

The Treasury has unveiled the timetable for the introduction of the new 12-sided £1 coin, which will come into circulation on 28 March.

The change is being made in a bid to crack down on fraud, with The Royal Mint estimating one in 30 £1 coins are forgeries.

There will be a transition period during which both coins will be in circulation until October 15, when the old-style one will no longer be legal tender.

However it is estimated round £1 coins make up a third of the £1.3 billion coins hoarded in saving jars across the country.

The Treasury is launching a campaign today to raise awareness of the timetable for the new coin, which is said to be the most secure in the world.

The design has several features to prevent forgeries, including a hologram and grooved edges, and the coin is made with two metals – gold nickel-brass and silver nickel-plated alloy.

David Gauke, chief secretary to the Treasury, said: “March 28 should be an important date in everybody’s calendar this year – as we will have a new quid on the block. This is a historic moment as it’s the first time we’ve introduced a new £1 coin since 1983, and this one will be harder to counterfeit than ever before.

“Our message is clear: if you have a round one pound coin sitting at home or in your wallet, you need to spend it or return it to your bank before October 15.”

However, once the round £1 coin becomes worthless in shops in October, it will still be possible to deposit it into bank accounts at most high street banks, or they may be exchanged, depending on the arrangements at individual banks.

The switch over is likely to present more difficulties for retailers and councils, with vending machines, trolleys, parking meters, photobooths, lockers and self-service checkouts having to be adapted to take the new coin.

Earlier this year the Automatic Vending Association warned it would cost an estimated £32 million to upgrade an estimated 500,000 vending machines in the UK.

It added: “While we understand the Royal Mint and the Treasury’s position in wanting to protect the integrity of the UK currency and reduce the level of fake coins in operation throughout the UK, it is regrettable that the upgrades required to vending machines to accommodate the new £1 coin will incur considerable costs for our operator members.”

Helen Dickinson, chief executive of the British Retail Consortium, said most major UK retailers had been in engaged in discussions and planning with The Royal Mint and the Treasury ahead of the introduction of the new £1 coin.

She said: “While there will be a natural transition period where some vending systems may only be able to accept the existing pound coin, our industry is committed to ensuring we’re fully prepared ahead of the launch in March.”

The Convention of Scottish Local Authorities (COSLA) did not respond to request for comment on how the change might impact councils in Scotland.

Elsewhere in the world there are examples of governments recently withdrawing the legal tender status of currency – but with little notice and chaotic results. In November last year, 500 and 1,000 rupee notes were withdrawn in India as part of anti-corruption measures, including concerns forged notes were being used to fund attacks by Islamist militants. The shock move led to many struggling to pay for basic items such as food and fuel and chaotic scenes outside banks.

In December, the surprise pulling of the 100-bolivar note from circulation in Venezuela and a delay in the arrival of the replacement notes led to looting at shops, anti-government protests and at least one death.