HM Treasury ordered no new coins for general circulation

Started by eurocoin, July 24, 2024, 08:25:20 PM

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eurocoin

For the first time, HM 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. Proposals for the two coins, which have not been finalised, are set to be put forward for discussions with ministers over the future of UK coinage. As part of an active review into the denominational mix of UK coinage, officials are understood to be considering a range of scenarios including the possibility of scrapping 1p and 2p coins altogether amid a continued decline in cash transactions. Cash still accounted for 12% of all payments in 2023, according to the latest figures by banking trade body UK Finance, making it the second most-popular way to pay after debit cards.

kena

This does not surprise me at all since there still are coins from 2021 and 2022 that I have not heard of people finding in circulation so there must be a bunch of coins still in storage.

<k>

What will this mean for the new UK wildlife circulation 1p and 2p coins? Will they become scarce? I still haven't seen any of the wildlife coins yet.
Visit the website of The Royal Mint Museum.

See: The Royal Mint Museum.

Alan71

Quote from: <k> on July 25, 2024, 12:08:26 AMWhat will this mean for the new UK wildlife circulation 1p and 2p coins? Will they become scarce?
It does seem a pity, when they've only just changed the designs.  Personally I thought the 1p and 2p designs were the cutest.  I was less keen on the 5p, 50p and £1.  I'm assuming they'll still produce them for use in sets until any decision is made to demonitise them.

I still don't really understand how using cash allows people to budget better.  For me it's the opposite.  I use my card and can instantly see in my banking app where it's gone.  When I used cash prior to the pandemic, I'd draw, say, £50 out at at time and in no time it would be gone, and I'd be wondering, "where did that go?".

Plus cash is such a faff.  You have to draw it out, then get loads of change you have to offload somehow.  There's no way I could go back to cash now.  And the argument that card and other electronic payments means "they" can see exactly what you're doing is nonsense.  Mobile phones do that, and in any case, you have to draw the cash out from somewhere.  Anyone can be traced somehow!