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No new 1p or 2p coins were made last year - here's why; There have been calls for both coins to be scrapped altogether.

Byline: Enda Mullen-BP

The Treasury has revealed that no new 1p or 2p coins were produced last year - amid renewed calls for the UK's two smallest denomination coins to be scrapped.

It is the first time since 1972 that no new 1p coins have been struck and the first time since 1982 that no new 2p coins were produced.

Explaining why no new 1p or 2p coins were made in 2018 a Treasury spokesman said: "We didn't ask the mint to issue any [pounds sterling]2 or 1p/2p coins this past year because there are already enough of these in circulation.

"Our coins are of the highest quality and the amount we ask the Royal Mint to produce every year depends on demand from banks and Post Offices."

There have been calls from many quarters for both coins to be got rid of.

Last year the Treasury consulted on scrapping 1p and 2p coins but within 24 hours a u-turn was announced following negative media coverage.

1p coins

Accountancy body the Association of Accounting Technicians (AAT) is one organisation that says time should be called on the 1p and 2p coins.

It called for the coins to be scrapped in its response to last year's Government consultation.

Phil Hall, head of public affairs & public policy at the AAT, said: "Last year AAT made clear in its consultation response to the Treasury that there is a compelling and rational case to stop producing 1p and 2p coins.

"The majority of these coins are used in only a single transaction before they leave the cash cycle, having been saved in jars or thrown away."

Look: Incredible old Roman coin hoard found in Warwickshire

Mr Hall added: "The Royal Mint ordinarily need to produce and issue around 500 million 1p and 2p coins each year to replace those falling out of circulation.

"The cost of production is the same as for higher denomination coins, meaning it is costing more to make and distribute the coin than it is worth.

"This simply doesn't add up, which is why Government should seriously consider getting rid of these coins."

Collectable coins

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A lucky penny. 'Find a penny, pick it up. All day long, you'll have good luck' - that's the old saying, based on an ancient belief that metal is a gift from the gods

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Publication:Coventry Telegraph (Coventry, England)
Date:Aug 18, 2019
Words:427
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