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Treasury denies 1p and 2p coins are to be scrapped

July 25, 2024
in Business
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Treasury denies 1p and 2p coins are to be scrapped
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“We are confident there are enough coins in the system without the need to order more this year,” the Treasury said.

It also estimated that there were currently around 27 billion coins in circulation in the UK.

The Treasury calculates how many coins are needed and orders new stocks from the Royal Mint, which produces coins. Coins are typically in circulation for decades.

There were several years in the early 1970s and early 1980s when no 2p coins were produced.

No 1p or 2p coins were produced in 2018 and then-Chancellor Philip Hammond launched a consultation on the future of cash.

However, the following year the Treasury said they would continue to be used “for years to come”.

Credit: Source link

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