It said it did not make economic sense to produce coins used infrequently. In 2018, at the time of the chancellor’s spring statement in March, the Treasury launched a review of cash and digital payments. The future of copper coins had been debated in a consultation covering the mix of cash in circulation. The Treasury also said no £2 coins were produced last year, as there were already enough in circulation: about 494m. The Royal Mint produces coins, which can last decades, in response to requests from the Treasury to meet the needs of the economy. The Royal Mint produced no 1p or 2p coins last year.įor the first time since 1972, no 1p coins were struck for circulation in 2018-19 – and for the first time since 1984, no 2p coins were produced.
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