1p and 2p coins (Image: Getty)
Despite the fact that none of these pieces will be produced this year due to the enormous amount that is already in circulation, the Treasury has dispelled the rumors that the simple 1p and 2p coins are set to be retired. The Treasury Department was responsible for spreading these rumors. As the frequency of cash transactions continues to decrease, the coppers may be on their way out, according to the reports that were going around at the time.
A spokesperson for the HM Treasury stated emphatically, “We are not scrapping 1p or 2p coins,” and she was adamant about this. They determined that there is already a enough quantity of coins in circulation, which led them to the conclusion that it would be unnecessary to produce additional coins. However, the company stated, “We are confident that there are enough coins in the system without the need to order more this year.”
According to the demand that the economy is creating, the Treasury is the organization that gives the Royal Mint instructions regarding the production of coins. Some coins have been in circulation for a lengthy period of time and continue to be used. Particularly remarkable is the fact that there were periods of time in the 1970s and 1980s in which no new 2p coins were struck, and the most recent occasion that both 1p and 2p coins were produced was in 2018.
Once upon a time, former Chancellor Philip Hammond had stated that these lesser denominations were “obsolete” in the year 2018, but he then changed his mind and committed to protect them the next year. According to estimates that were offered by the Treasury in an interview with The Standard, there are currently 27 billion coins in circulation across the entirety of the United Kingdom.