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Royal Mint no longer printing 1p, 2p or £2 coins

The website MoneyExpert.com reports on the news that 2018-19 was the first year since 1972 that no new 1p coins entered circulation

No new 2p coins were issued for the first year since 1984 and no new £2 were issued either. The Mint issues new coins on request from the Treasury based on demand from banks and post offices.

Currently, there are more than 11 billion 1p coins in circulation, in addition to around 2.5 billion 2p coins and 494 million £2 coins. Former Chancellor Phillip Hammond announced in his Spring Statement last year that the Treasury would review the use of cash and digital payments.

A report by the Treasury found that 60% of copper coins are used just once and there is therefore a strong economic argument to halting to production of costly coins. However, roughly 2.2 million people, largely older residents or those living in rural areas, rely on cash.

Full article:

MoneyExpert.com - Royal Mint Makes No New 1p, 2p or £2 Coins, As Britons Ditch Cash

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