UK to stop manufacturing of new 1p and 2p coins for this year

The Treasury has refuted claims that copper coins are being phased out, despite not commissioning any new 1p and 2p coins from the Royal Mint this year.

“We are not discontinuing 1p or 2p coins,” a Treasury spokesperson stated to the media.

They further explained that the decision not to place new orders was due to an ample supply of these coins already in circulation.

These remarks were made following various reports suggesting the possible discontinuation of the coins, as cash transactions continue to decline.

“We are confident that there are sufficient coins in circulation, eliminating the need for additional orders this year,” the Treasury spokesperson added.

They also noted that approximately 27 billion coins are currently in circulation across the UK.

The Treasury is responsible for determining the required quantity of coins and places orders with the Royal Mint accordingly. The Mint then produces the coins, which typically remain in circulation for several decades.

Historical data shows there were years in the early 1970s and early 1980s when no 2p coins were minted. Similarly, no 1p or 2p coins were produced in 2018, prompting then-Chancellor Philip Hammond to initiate a consultation on the future of cash.

Nevertheless, the Treasury affirmed the following year that 1p and 2p coins would continue to be used “for years to come.”

The spokesperson emphasized that the decision to halt new coin production was based purely on current demand and the existing coin supply, rather than any intent to phase out these denominations.

This assurance comes in response to growing concerns about the future of physical currency in an increasingly digital age.

Many retailers and consumers have been transitioning to card and contactless payments, particularly accelerated by the COVID-19 pandemic, raising questions about the necessity of maintaining such small denominations of currency.

Despite the shift towards digital payments, the Treasury reiterated its commitment to ensuring that physical cash remains available for those who need or prefer it.

The Treasury’s stance aligns with broader government efforts to safeguard access to cash for vulnerable groups and rural communities, who may rely more heavily on physical currency.

In addition to addressing the production of 1p and 2p coins, the Treasury has been actively monitoring the overall demand for coins and notes. This includes periodic reviews and consultations with various stakeholders, including financial institutions, consumer groups, and industry experts.

Looking ahead, the Treasury plans to continue its evaluation of the cash system, adapting to changing economic conditions and consumer preferences. While technological advancements and digital payment solutions will play a significant role in the future of transactions, the Treasury is keen to ensure a balanced approach that considers the needs of all citizens.

As the situation evolves, the Treasury remains committed to transparency and will keep the public informed about any significant changes regarding the production and circulation of coins. This approach aims to maintain public confidence in the currency system and address any concerns related to the availability and use of physical money.

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