Shoppers and retailers are preparing to bid farewell to the old round pound as the coin ceases to become legal tender at midnight tonight.

Only hours remain before the coin rolls out of general circulation but hundreds of millions of coins are yet to be spent or handed in.

Major banks and building societies will continue to accept deposits of the old round pound after today's deadline.

People can also deposit them into any of their usual high street banks or through the Post Office after this date.

Martin Kearsley, banking services director at the Post Office, said: "Thanks to an agreement with all UK high street banks, everyone can deposit old pound coins into their usual high street bank account at their local Post Office branch."

Some major stores have said they will give shoppers an extra window of opportunity to spend up their old pound coins after October 15.

Iceland and Poundland have said they will continue to accept the old round pound until October 31, while Tesco has said it will continue accepting the old-style coins for a week after today's deadline.

Trade bodies say the industry has been working hard to update machines in time for the deadline. But there may be some cases where people find they are caught short.

Factfile:

  • One pound coins were first launched on April 21, 1983, to replace £1 notes. #
  • The Royal Mint has produced more than two billion round pound coins since that time.
  • The new 12-sided pound coin, which resembles the old threepenny bit, entered circulation in March and boasts new high-tech security features to thwart counterfeiters.
  • The new coins were introduced because round pounds were vulnerable to sophisticated counterfeiters.
  • One in every 30 old-style pound coins in people's change in recent years has been fake.