This is the first time the £1 coin has been changed in over 30 years, as it is estimated that around £1.3bn worth of coins are stored in savings jars around the UK with the round pound coins counting for almost a third of these.

The new 12-sided coin will be the most secure coin in the world with added security features, including a hologram, to prevent counterfeits which cost taxpayers thousands every year.

Baroness Neville-Rolfe, commercial secretary to the Treasury, paid a visit to the Royal Mint on 14 February 2017 to pay tribute to its role as a global leader in the production of coins and medals.

Rolfe said: ‘The introduction of a new pound coin, the most secure coin in the world, is a historic event. The fact this coin is made in Wales makes it even more special as it underlines the importance of the Union.

‘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 15 October.’

Alun Cairns, Secretary of State for Wales, said: ‘It is particularly exciting to get a sneak preview of history being made at the Royal Mint as the new pound coin is prepared for circulation. The presence of the Royal Mint in Wales as the creator of our currency – as well as being a major employer – underlines how central Wales is to the union.

‘The Royal Mint is also blazing a trail as an exporter. The UK government will shortly hold a conference for exporters in Wales, and companies like the Royal Mint are a great example to follow.’