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Coin minting paused with fate of 1p and 2p in doubt
Evening Standard
|July 24, 2024
THE Treasury has ordered no new coins of any denomination to be minted for entry into general circulation, the Standard can reveal, as officials weigh scrapping 1p and 2p coins altogether amid a continued decline in cash transactions.
The Treasury has not placed an annual order for any coins with the Royal Mint and does not expect to order any new 1p and 2p coins to be minted in the coming years, the Standard understands, as officials draw up proposals for the two coins which includes their removal from circulation and an information campaign to encourage members of the public to hand in their old coins for melting down.
The proposals, which have not been finalised, are set to put forward for a decision by ministers over the future of UK coinage.
In a statement the Treasury said it had “no current plans to change the mix of UK coins,” adding it was keeping the denominational mix of UK coinage under active review.
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