Statement on future of 1p and 2p coins after none ordered | UK | News

The Treasury has denied rumours that the modest 1p and 2p coins would be scrapped, although none have been minted this year due to a surplus already in circulation. There have been rumours that copper coins could be on the verge of disappearing due to the fall in cash transactions.

A Treasury spokesman said firmly: “We are not scrapping 1p or 2p coins,” attributing the decision not to produce more to an existing supply. “We are confident that there are enough coins in the system without the need to order more this year.”

The Royal Mint is instructed by the Treasury to produce coins based on economic demand, with some coins remaining in use for many years. It is worth noting that there were periods in the 1970s and 1980s when no new 2p coins were minted, and the last 1p and 2p coins were produced in 2018.

Former Chancellor Philip Hammond had already deemed the small notes “obsolete” in 2018, but he changed his mind, promising to protect them the following year. The Treasury, speaking to The Standard, estimates that a staggering 27 billion coins are currently circulating across the UK, reports Wales Online.