Time for change? What is the future for 1p and 2p coins?
*** UPDATE 25.07.24 ***
On 25th July 2024, it was announced that no new 1p and 2p pieces had been ordered from the Royal Mint this year. Despite this, the Treasury has denied that copper coins are to be phased out.
The lack of orders for 1p and 2p coins was due to there being enough of these denominations in circulation already. In fact, there’s an estimated 27 billion coins currently in circulation in the UK, all bearing Queen Elizabeth II’s portrait on the obverse.
A spokesperson for the Treasury said “We are confident there are enough coins in the system without the need to order more this year.”
It’s not unusual for there to be periods where none of these smaller denominations enter circulation. For example, no new 1p coins were put into circulation in 1972, 2018 or 2019, and there were several years in the early 70s and 80s where no new 2p coins were issued for circulation. More recently, no new 2ps have entered circulation since 2018, with the exception of 2021.
With no new copper coins going into circulation this year, that means that there still aren’t any 1p or 2p coins featuring King Charles III on the obverse in circulation. Currently, the only way to secure the new King Charles III 1p and 2p coins is in the New UK Coinage set.
Secure yours for just £32.50 (+p&p) >>
*** UPDATE 03.05.19 ***
This week, the UK Treasury confirmed that 1p and 2p coins will continue to be used “for years to come”.
A year after Chancellor Philip Hammond declared these lower denomination coins ‘obsolete’, their safety has now been secured.
There was much discussion regarding the future of 1p and 2p coins following the Treasury’s doubts over the validity of these coins, as well as the £50 note in the 2018 Spring Statement.
Now that the result of the review has been announced, what do you think about the decision and do you think the pennies should be dropped?
Following the 2018 Spring Statement, a spokesman for Theresa May said that there are no current plans to abolish the coins, however with the increased move towards digital payments, questions still remain as to whether it makes economic sense to continue producing these less frequently used coins and notes.
The Treasury consultation document revealed that The Royal Mint is currently issuing more than 500m 1p and 2p coins each year in order to replace those falling out of circulation.
In fact, six in ten UK 1p and 2p coins are only used once before being saved in a jar or thrown away!
Countries such as Canada, Australia, Brazil and Sweden have already scrapped lower denomination coins that are not in demand and it seems that the UK is also beginning to question the future of these coins as demand continues to fall. But how would you feel about removing 1p and 2p coins from circulation?
Only 15% of consumer spending in 2015 was accounted for by cash, with more and more people now turning to contactless and other digital payments – a trend which is forecast to become the most popular payment method in 2018.
On the other hand, the Treasury also suggested that cash is not obsolete. It’s estimated that 2.7 million people in the UK rely on cash and “It continues to play an important part in the lives of many people and businesses in the UK, whether as a budgeting tool or as a cheap and convenient method of payment”.
With regards to the £50 note, the Treasury says, “There is also a perception among some that £50 notes are used for money laundering, hidden economy activity, and tax evasion”. Despite rarely being used for “routine purchases”, there is still a demand for the £50 note overseas, alongside euros and dollars.
In our 2016 blog post, we asked Change Checkers if they thought it was time to scrap the penny and 53% of you believed we shouldn’t, as it’s part of the British culture.
Has your view now changed and do you think we should make a move towards digital rather than cash payments?
Chris Boyce said, “We have had pennies since 785 AD. I believe it’s one of the oldest coins still being used today. English heritage is being lost everyday…don’t let us loose the penny, 1233 years of history”.
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Influential women who have featured on UK coins
The 8th March, is International Women’s Day. To celebrate, we take a close look at just some of the incredible women who have been commemorated on our UK coins!
Her Majesty The Queen (1926 – Present)
It’s really a no brainer that we’re going to start with Her Majesty the Queen as her portrait features on all of our current UK coinage and has featured on no less than 15 commemorative £5 coins and crowns!
Her Majesty Queen Elizabeth II is our longest reigning monarch, the fifth longest reigning monarch worldwide, and our first ruling monarch to have reached her 95th birthday year!
There have been some incredible coins celebrating Her Majesty, including the recently issued 2021 UK 95th Birthday £5, the 2018 65th Coronation Anniversary £5, and even the 1977 Silver Jubilee 25p Crown.
Queen Elizabeth II is arguably the most loved and respected monarch our country has even seen so it’s only right on the day we honour the achievements of women throughout history, that we dedicate a portion to Her Majesty.
Diana, Princess of Wales
Diana Frances Spencer married the Prince of Wales in July 1981. Constantly the subject of media frenzy, Diana tragically died in a car crash in Paris in 1997 whilst trying to escape paparazzi. The world was stunned at her tragic death and it triggered grief all around the world.
Diana left a legacy of bravery, courage, and kindness. She played a significant role in banning landmines, setting up and supporting a range of charity operations, and being an active role model for both her children and members of society.
In 1999, to commemorative Lady Diana’s life, The Royal Mint issued this £5 featuring her profile on the reverse.
Beatrix Potter (1866 – 1943)
Beatrix Potter truly was a woman ahead of her time. Not only was she an accomplished children’s author and illustrator, she was a passionate and knowledgeable farmer and conservationist – long before it became popular.
However, it’s fair to say her enchanting tales of countryside characters, including Peter Rabbit and Mrs. Tiggywinkle, skyrocketed her to stardom. And in 2016, Beatrix Potter’s life was commemorated on a brand new series of 50p coins.
We’ve since seen 15 coins celebrating the famous author, including the very latest 2020 Peter Rabbit 50p which was confirmed as the very last UK 50p featuring the cheeky character.
Rosalind Franklin (1920 – 1958)
English chemist, Rosalind Franklin, sits right at the very heart of the story of DNA.
Her ground-breaking research and inspiring work ethic were central to the discovery of the helical structure of DNA, which was later publicised by Watson and Crick.
Tragically, at the age of just 27, Franklin passed away from ovarian cancer, robbing her of the same awards and recognitions that her colleagues were gifted.
But in 2020, to celebrate what would have been her 100th birthday, she also became the second scientist to be celebrated in The Royal Mint’s Innovation in Science series.
The reverse design of this coin, by David Knapton, features a depiction of her famous Photograph 51, which enabled her to discover the structure of DNA in her laboratory in Cambridge.
Florence Nightingale (1820 – 1910)
Named after the Italian city in which she was born in 1820, Florence Nightingale is famous for her work in the military hospitals during the Crimean War where she tended to wounded soldiers.
In 1860 she laid the foundation of professional nursing with the establishment of her nursing school at St. Thomas’ Hospital in London. Her book ‘Notes on Nursing’ proved to be influential in changing the way hospitals were run and the role of nurses within them.
Released in 2010 to commemorate 150 years of nursing, the reverse design of this £2 coin, by Gordon Summers, features the image of a nurse taking the pulse of a patient.
Agatha Christie (1890 – 1976)
After the end of the First World War, Christie published her first novel The Mysterious Affair at Styles. This incredibly popular story introduced readers to one of Christie’s most famous characters – Belgian detective Hercule Poirot.
Writing well into her later years, Christie wrote more than 70 detective novels as well as short fiction. Her books have been made into films, television, and radio programmes. In 1971, she was made a Dame of the British Empire for her outstanding contribution to literature.
In 2020, to mark 100 years since her first publication, The Royal Mint celebrated the world’s best-selling novelist with a new £2 coin.
David Lawrence’s design of this coin pays homage to Christie’s crime novels, with a piece of jigsaw slotting into place and her signature at the bottom.
There really have been some incredible women celebrated on our UK coins and this is just a small selection!
Is there an influential women you’d like to see on our coins in the future? Let us know in the comments below!
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February 2018 Video Newsletter
Watch as Yasmin and Luke discuss all the latest news from the world of change collecting: