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

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

The Treasury has denied that copper coins are to be phased out after it ordered no new 1p and 2p pieces from the Royal Mint this year.

“We are not scrapping 1p or 2p coins,” a Treasury spokesperson told the BBC.

They added that the lack of orders was due to there being enough coins already in circulation.

The comments came after multiple reports suggested that the coins might be scrapped as the number of purchases involving cash continued to fall.

“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 ***.

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,

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they would continue to be used “for years to come”.

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