General info
Have you found a 2020 dated 1p coin? Covid hoarding leads to increased penny demand
For the first time since 2017, 1p coins were back in production last year, with the latest mintage figures revealing that 88,071,910 pennies entered circulation in 2020.
Previously on our blog we’ve posed the question, ‘What is the future for 1p and 2p coins?’ as the Treasury has doubted the validity of the smaller denominations.
However, it seems that during the covid pandemic, and particularly in lockdown, a pattern of cash hoarding has resulted in less loose change being circulated.
In fact, banks have recently been calling on people to donate any unused change to charities, as they have felt the impact of the pandemic on fundraising.
Demand for 1p coins increases
Earlier this week, the latest mintages figures were revealed for 2020 coins and it seems that the demand for 1p coins has now increased, as The Royal Mint have produced over 88 million of them for circulation last year.
Whilst this doesn’t quite reach the heights of 2016 when almost 250,000,000 1p coins were minted for circulation, it is still an improvement on the 2p and £2 coins which did not enter circulation at all last year.
The UK’s very first decimal 1p coin was minted in 1971 and since then more than 28 billion of the coins have been produced by The Royal Mint.
The biggest influx came at the turn of the millennium, when over a billion coins were produced were produced in the year 2000.
Could the rise of contactless payments kill cash?
Overall, it does appear that the general demand for cash may be falling, partly due of the rise of cashless payments and contactless cards.
A spokesperson from The Royal Mint said: “The volume and variety of coins which enter circulation is determined by demand from UK banks and Post Offices. When demand rises The Royal Mint consults with HM Treasury before manufacturing more coins.”
Currently, there are no plans to produce new £2 or 2p coins for circulation over the next 10 years, as The Royal Mint are sitting on 26 times as many £2 coins as it needs to.
But, as we covid affects our use of cash and leads to hoarding, we are already seeing greater demand for smaller denominations, as demonstrated by the production of the 2020 dated 1p coins.
Have you found yourself holding on to more small change during the pandemic and what are your thoughts on the use of cash vs contactless? Let us know in the comments below!
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
Rarest UK Coins Revealed! 2020 Mintage Figure Update
One of the biggest numismatic updates of the year comes when the latest mintage figures are announced and today we are very excited to share the updated figures for 2020 circulation coins, which have just been revealed by The Royal Mint!
As the UK’s most collected coin, it’s great to hear that three 50p designs were released into circulation last year. These include the Withdrawal from the European Union 50p, the Diversity Built Britain 50p and this year’s Royal Shield 50p.
We’ve updated the Change Checker 50p Mintage Chart with these new additions to show you which 50ps you should be looking out for:
The rarest of the trio to be released is the Withdrawal from the EU 50p, commonly known as the Brexit 50p, with a circulating mintage of 10,001,000. This is closely followed by the Diversity Built Britain 50p with a mintage of 10,300,000.
These numbers are fairly high for commemorative coins, meaning collectors stand a good chance of finding these ones in their change. What’s more, at 46,540,375 coins in circulation, we expect many collectors to be able to find the 2020 definitive Royal Shield design – just make sure you keep checking the dates on the reverse of your 50ps!
Are you lucky enough to have these in your collection? Let us know in the comments below!
The Royal Mint’s Director of UK Currency, Mark Loveridge, said: “As the original maker of UK coins, we are delighted to play our part in celebrating the story of the nation. In 2020 two important new designs were issued on fifty pences, commemorating British diversity and the UK’s withdrawal from the European Union. Coin collecting remains a popular hobby in the UK, and finding a special design in your change adds to the excitement.”
What about the Olympic 50ps?
In 2012, the release of the Olympic 50p series kick started a collecting frenzy across the nation.
It’s estimated that around 75% of these coins have been removed from circulation by collectors which means they are incredibly sought-after, especially considering these 50ps have some of the lowest mintage figures in circulation…
Many of the Olympic 50ps have a mintage less than 2,000,000 with the rarest (the Olympic Football 50p) having a mintage of just 1,125,500. See the full mintage figures for these coins here.
Taking these rare 50ps into consideration, the 2018 Peter Rabbit and Flopsy Bunny coins would sit in joint sixth position, below the Kew Gardens, Football, Wrestling, Judo and Triathlon 50ps.
£2 Coin Update
As well as updating the 50p mintage figures, The Royal Mint also revealed that no £2 coins were issued into circulation in 2020.
There have been no new £2 coins issued into circulation since 2016, which may in part be due to the introduction of the new 12-sided £1 coin in 2017.
It was recently confirmed that The Royal Mint has no plans to strike any £2 coins for circulation for the next 10 years, so unfortunately, there may not be any mintage updates for this denomination for a while.
Whilst 88,071,910 1p coins were released in 2020, no 2p coins have entered circulation since 2018, perhaps suggesting it’s time we question what the future has in store for our beloved coppers.
Have you been lucky enough to find any of these coins in your change? It’s always exciting when new mintage figures are revealed and your realise just how rare the change in your pocket really is!
We’ll be updating the Change Checker Scarcity Index this month and it will be exciting to see how these new figures impact the index.
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
Rare Trial Pieces including Kew Gardens 50p to be Auctioned for the First Time Ever!
Have you heard the news that for the first time in its history, The Royal Mint plan to auction rare sample coins for collectors?
Trial pieces are some of the very first samples of a new coin to be struck. They are used to set the standard for each coin issued and are carefully inspected by coin makers to ensure they meet the correct standards before striking of the new design begins.
Trial Coins Put Up For Auction
Rebecca Morgan, director of collector services at the Royal Mint, said: “This month we are delighted to offer a sample of our trial pieces at auction for the first time. Each of the trial pieces has played an integral role in creating the final coin, and offer collectors the chance to own a part of numismatic history.”
The Royal Mint have announced that collectors will have the chance to get their hands on a number of trail pieces at auction on Sunday 26th September.
Included in the auction are the coveted Kew Gardens 50p (the UK’s rarest circulation coin) and the Three Graces (a collection that sold out in 25 minutes last December).
Rare Kew Gardens 50p
Considered the ‘holy grail’ of change collecting, the Kew Gardens 50p tops the Change Checker Scarcity Index time and again. In fact, this coin is so sought-after that collectors are willing to pay well over face value to get their hands on one, with our latest eBay Tracker revealing the coin currently selling for £157 on the secondary market!
However, we always urge buyer caution when purchasing a Kew Gardens 50p, as there are a number of fakes out there to be aware of. Find out how you can spot the fake Kew Gardens 50ps here.
1994 Mayflower £2 Trail Piece
Rare trial pieces have been seen before, often becoming very sought-after amongst collectors…
In 1994, ahead of the introduction of the UK’s first bi-metallic coin – the £2 – The Royal Mint created a trial piece. This was used by The Royal Mint to test the minting process of the new coin and to help the automatic vending industry re-calibrate their machines in preparation.
The trialled reverse design features a three-masted sailing ship. Although the ship is not named, it is likely to be the Mayflower, which set sail from Plymouth to America to establish the first permanent New-England colony. The outer ring bears the inscription Royal Mint Trial with the date, 1994.
There were just over 4,500 packs of this trial £2 issued and as the coin design was never released into circulation, it has become an incredibly rare example of a bi-metallic £2 coin.
If you own one of these £2 trial pieces you can consider yourself very lucky!
But with the upcoming auction set for the 26th September, we’re sure collectors will be excited at the chance of getting their hands on the trial piece coins offered by The Royal Mint, including that sought-after Kew Gardens 50p which we’re sure will be incredibly popular.
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