The Treasury has dismissed rumors of copper coins being phased out, despite not ordering any 1p or 2p pieces from the Royal Mint this year. The absence of orders was reportedly due to the number of coins already in circulation, with a spokesperson stating that “We are not scrapping 1p or 2p coins.” The coins were previously faced with the potential of getting eliminated as transactions involving cash had started to reduce.
The Treasury added that there were currently about 27 billion coins in circulation in the UK and was confident that there are enough coins in the system without the need to order more this year. The Royal Mint, who produces coins, was brought under scrutiny after the claims surfaced that copper coins were to be discarded. Coins typically remained in circulation for decades, with no 2p coins being produced in the early 1970s or early 1980s.
No 1p or 2p coins were produced in 2018, leading to then-Chancellor Philip Hammond launching a consultation on the future of cash. However, the Treasury confirmed that they would continue to be used “for years to come” in the following year. Experts have suggested that the first coins to be abolished could be 1p and 2p as they are less used for transactions and are more expensive to produce than their face value. However, this won’t be the case anytime soon, as the Treasury has reaffirmed their usage
Read the full article from The BBC here: Read More
