The Isle of Man’s big move to phase out little coins
The Isle of Man have shared some big news about their copper coinage, and it’s causing quite a stir in the collecting community. They have confirmed that the phasing out of 1p and 2p coins will begin this year, meaning the days might be numbered for copper coins.
Why the change?
Following a consultation in 2023 by the Manx government about whether it should keep copper coins, residents responded with “no thanks”. With a population of only 84,000, many young people on the island said they don’t carry cash at all, and most rely entirely on cards or contactless payments. The pandemic also forced islanders to adapt to card payments.
Credit: Kamran.nef, CC BY-SA 4.0, via Wikimedia Commons
Rising costs of minting new coins, especially coppers, means that making a new 1p coin now costs more than a 1p coin is worth. It’s not just the coppers either, as its estimated that a new 5p coin costs around 20p to make.
Taking these factors into consideration, the Isle of Man has encouraged businesses to introduce ‘cash rounding’ as the first phase.
What is cash rounding?
Cash rounding is the practice of rounding prices to the nearest five or zero, eliminating the need for 1p and 2p coins.
Cash rounding has been used in Sweden since the 1970s and was also adopted by Canada, New Zealand and the Republic of Ireland.
Credit: Zannaoriordan, CC BY-SA 4.0, via Wikimedia Commons
Credit: Jennifer McNairMuseums Victoria, via Wikimedia Commons
Copper coins will remain legal tender on the island, and won’t be withdrawn from circulation, but no more will be minted.
Let’s hear from the Isle of Man
After the cash rounding initiative was announced, there were concerns from the public about inflation. However, businesses were quick to claim that, based on research from other countries, this would not be a problem.
The Isle of Man’s treasury minister, Dr Alex Allinson MHK, said: “Most businesses here didn’t think it would cause significant inflation. But certainly the public perception is that it would do.”
He also stated that: “If the UK were to get rid of coppers, we would probably follow suit”.
No new coppers have been minted by the Isle of Man since 2016 due to decreased demand, and even the most recent decimal coin set, the 2023 Manx Wildlife Set, didn’t feature 1p or 2p denominations – so the phasing out process has been inevitable for a while.
What about the UK?
The number of cash payments in the UK has reduced significantly in the last 10 years, and especially so since the pandemic.
According to The Royal Mint, no new 2p coins were minted in 2022 and no new pennies were minted in either 2018 or 2019. This is an indication of decreasing demand for small change, even in the UK, so it’s not surprising that the Isle of Man, with a much smaller population, would be one of the first places to implement the phasing out of coppers.
Find out more about the future of 1p and 2p coins in the UK >>
A Treasury spokesperson confirmed that there are currently no plans to change the denominational mix of coins in the UK. So if the Isle of Man is waiting to follow our lead on getting rid of coppers, it’s unlikely that any definitive changes will happen anytime soon.
What do you think about copper coins? Do you still use the 1ps and 2ps in your change? Let us know in the comments!
If you’re interested in coin collecting, our Change Checker web app is completely free to use and allows users to:
– Find and identify the coins in their pocket
– Collect and track the coins they have
– Swap their spare coins with other Change Checkers
Sign up today at: www.changechecker.org/app
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How much is your Coronation 50p worth? January 2024 eBay Tracker update!
Do you have any of the below coins or banknotes in your collection? If so, read on to find out how much they could be worth in our latest eBay Tracker and Valuation Index!
The secondary market can be a bit of a minefield, so we’ve put together an easy way for you to see how much the top 11 UK coins and banknotes are selling for right now.
eBay Tracker
Overall, things have been fairly consistent since our last update in June 2023, however individually, there have been some sizeable increases in prices and some surprising decreases.
Excitingly, this is the first eBay Tracker to feature the King Charles III Coronation 50p! When we last updated our index, this coin had only been available for a short while as it didn’t enter circulation until August 2023. However 6 months on, collectors have had the chance to find the Coronation 50p there have been a fair few listings on the secondary market.
Coronation 50p
The Coronation 50p enters the tracker with a median value of £2.69. Although that may not seem very much, it’s still over 5 times the coin’s face value, and considering it’s only been in circulation for 5 months, that’s quite the increase!
2015 Britannia £2
Moving onto the coin that’s seen the biggest increase in selling value – the 2015 Britannia £2. With a huge 39% increase since our last update, the Britannia £2 is currently selling for around £6.24 on the secondary market.
Britannia first appeared on the Farthing in 1672 and subsequently featured on various UK coins for more than 300 years. After being dropped from the 50p in 2008, Britannia had its resurgence in 2015 when it replaced the technology design on our definitive £2 coins.
Olympic Football 50p
The Olympic Football 50p is also worth keeping an eye on, as we’ve seen a 24% increase in its secondary market value! The 2011 Olympic 50p have long been favourites amongst collectors, but did you know that only 1,125,500 Football 50ps entered circulation, making it the rarest Olympic 50p out there.
Considering Its low mintage figure and popular design explaining the hotly debated offside rule, it’s no wonder people are still willing to pay nearly 36 times its face value for one!
Undated 20p
The undated 20p remains one of the most sought-after coins, with some being sold on the secondary market for £64, a 23% increase since our last eBay tracker update! Although it’s not known exactly how many undated 20ps are in circulation, it’s often considered as the holy grail of change collecting.
Are you lucky enough to have an undated 20p in your collection?
Kew Gardens 50p
Released by The Royal Mint in 2009 to celebrate the 250th anniversary of the Royal Botanic Gardens at Kew, the striking design of this 50p, by Christopher Le Brun RA, features the famous Chinese Pagoda at Kew, entwined by a decorative leafy climber.
In 2014, The Royal Mint revealed that only 210,000 Kew Gardens 50p coins had been struck, making it the scarcest UK coin in circulation. And nearly 10 years later, people are still willing to pay hefty sums to get their hands on one. The average secondary market value for a Kew Gardens 50p is currently around £148, just £10 less than our last update.
AA01 £5 and £10 Polymer Banknotes
Despite not increasing in value since our last update, the first batch of Polymer £5 and £10 banknotes are definitely worth looking out for.
Did you know, the very first note of each denomination printed was given to the Queen, and the second to Prince Phillip? So, you definitely won’t find those ones in circulation! But if you do spot a £5 or £10 note with a serial number starting with AA01, you could make a pretty penny on the secondary market.
One seller reported selling an AA01 £5 note on eBay for over £60,000 in 2017, however our eBay tracker reveals that you can currently get your hands on one for around £15 – which is still 3 times its face value!
Valuation Index
With the new Atlantic Salmon 50p having entered circulation in November, there are now 3 coin designs featuring King Charles III to look out for in your change – so make sure you keep your eyes peeled!
Have you found any of the King Charles III 50ps ‘in the wild’ yet? Let us know in the comments!
eBay Tracker FAQs
My coin isn’t on the eBay Tracker
The eBay Tracker follows the movements of the top 11 UK coins and banknotes, however if your coin doesn’t appear on the tracker you can use our 6 point guide to help determine the realistic value for your coin.
How does the eBay Tracker work?
The Change Checker eBay Tracker takes the last 9 sold prices on eBay and gives the median price achieved. By taking the median, rather than an average, we avoid skewing figures with excessively high or low prices.
Please note that the Change Checker eBay Tracker is only ever designed to be a guide as to prices achieved on eBay. Prices may vary depending on collector demand and the quality of the coin being sold. It does not provide any guarantee as to future values of coins.
Find out more about your coins
If you’re interested in coin collecting, our Change Checker web app is completely free to use!
