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The Treasury has denied that copper coins are to be phased out after it ordered no new 1p and 2p pieces from the Royal Mint this year.<\/p>\n
“We are not scrapping 1p or 2p coins,” a Treasury spokesperson told the BBC.<\/p>\n
They added that the lack of orders was due to there being enough coins already in circulation.<\/p>\n
The comments came after multiple reports suggested that the coins might be scrapped as the number of purchases involving cash continued to fall.<\/p>\n<\/div>\n
“We are confident there are enough coins in the system without the need to order more this year,” the Treasury said. <\/p>\n
It also estimated that there were currently around 27 billion coins in circulation in the UK.<\/p>\n
The Treasury calculates how many coins are needed and orders new stocks from the Royal Mint, which produces coins. Coins are typically in circulation for decades.<\/p>\n
There were several years in the early 1970s and early 1980s when no 2p coins were produced. <\/p>\n
No 1p or 2p coins were produced in 2018 and then-Chancellor Philip Hammond launched a consultation on the future of cash.<\/p>\n