Firms of all sizes are being encouraged to visit the New Pound Coin website to find out how to get ready for the change.

Steps they need to take include checking whether their machines and equipment can handle the new coin and training staff on its features.

The Treasury claims the new coin will be “the most secure of its kind in the world”. New security features include a hologram-like image that changes from a ‘£’ symbol to the number ‘1’ when the coin is seen from different angles. It also has micro-lettering and milled edges.

David Gauke, the chief secretary to the Treasury, said: “The pound as we know it will not be round for much longer. The introduction of this new £1 coin will be a highly significant event and we are working with The Royal Mint to ensure key industries are ready and to ensure a smooth transition.”

There are around 45 million counterfeit £1 coins currently in circulation.