It’s been revealed that no 1p and 2p coins were struck for circulation by The Royal Mint last year.
This marks the first time in decades that no penny coins were struck in a year. In fact, the last time we saw a year with no new 1p coins was way back in 1972! And it’s been 35 years since the last time no new 2p coins were struck for circulation.
The future of the penny
Back in May 2019, the UK Treasury confirmed that 1p and 2p coins will continue to be used “for years to come”. Find out the full story here.
This news emerged following concerns that the 1p and 2p coins would be scrapped after their validity was questioned in the 2018 Spring Statement.
Members of the public were outraged by the idea of the humble penny being scrapped. However it isn’t just sentimental value which has safeguarded the future of the penny.
It’s estimated that around 2.2 people are thought to be reliant on cash to live their daily lives. This includes the elderly, vulnerable people and rural communities who would likely be hit hard if cash availability were to decline.
Card payments are on the rise
Nevertheless, it is clear that card and electronic payments are on the rise and whilst around 500 million 1p and 2p coins are usually issued each year, the fact that none were produced last year goes to show how low the demand for these coins currently is.
We already know that no 20p or £2 coins were struck for circulation in 2017 and it’s also been revealed that no £2 coins were struck for circulation in 2018 either.
A spokesperson from the Treasury said, “We didn’t ask the mint to issue any £2 or 1p/2p coins this past year because there are already enough of these in circulation. Our coins are of the highest quality and the amount we ask the Royal Mint to produce every year depends on demand from banks and Post Offices.”
Commemorative £2 coins
Despite no £2 coins entering circulation since 2016, collector editions of the new commemorative designs have still been produced by The Royal Mint to mark Britain’s most important anniversaries.
Whilst some people are happy to pay a little more to secure the latest coins in superior quality, others are understandably frustrated by the lack of coins entering circulation recently.
To give collectors the chance to own 2019 UK £2 and 50p coins for just face value, this year we launched the Change Checker Face Value Coin Ballot, which you can find out about here.
Spending a penny
It’s thought that around 10.5 billion 1p coins are currently in circulation, but the Treasury estimates that roughly 60% of copper coins are typically only used once before being stashed away or lost.
Despite the lack of 1p and 2p coins being struck for circulation last year, we know that the future of our UK coins is still secure (for now at least), but how often do you find yourself actually spending your 1p and 2p coins?
Let us know in our Facebook poll:
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
It’s been more than 10 years since Matthew Dent redesigned the UK’s definitive coins to create the Royal Shield of Arms design, but there are still some people who don’t actually realise that these coins can be pieced together to complete the shield.
Dent’s design was chosen by The Royal Mint Advisory Committee following a public competition which saw over 4,000 designs submitted. “I felt that the solution to The Royal Mint’s brief lay in a united design,” he explained. “United in terms of theme, execution and coverage over the surface of the coins.”
Using all the coins from the 1p to the 50p and fitting them together like a jig-saw, the complete shield is revealed, as seen on the £1 coin design issued from 2008 until 2015.
Of course, the old round pound has now been replaced by the 12 sided £1, featuring the Nation’s of the Crown design. But, the definitive 1p, 2p, 5p, 10p, 20p and 50p shield coins can still be found in your change, meaning the Royal Shield can still be collected and completed.
In fact, I bet if you were to check the change in your pocket right now, you’d be surprised by how much of the shield you’ll already be able to piece together!
So why not try collecting the shield, and if you’d like to give yourself even more of a challenge, how about collecting the whole shield for each year, starting with the coins issued in 2008.
As we’ve now come to the 10th anniversary of these coins, perhaps there will be a re-design on the horizon? If the reverse of our definitive coins were redesigned, what design would you like to see on the new coins?
Complete the shield with the Royal Arms Shield Collector Card!
Designed to fit neatly into your Change Checker Album, this Collector’s card allows you to assemble the Royal Arms Shield by simply using your loose change.
Exchequer Secretary, Robert Jenrick has seemingly secured the future of Britain’s Penny and Tuppence coins.
Speaking at the historic Trial of the Pyx ceremony on the 27th april, the Treasury Minister launched an impassioned defense of coins.
Describing coins as “freedom in the palm of your hands” he went on to focus on their crucial role in uniting a nation, as well providing simple and easy payment method for over 2.7m Britons.
But most importantly, for those of us fearing the demise of the British Penny and Tuppence, hinted at by Chancellor Philip Hammond during his Spring Statement, he was very clear.
“So the penny is safe. Safe today, safe as long as the British public cherish it and see in it, more than a unit of currency, but a metaphor for the enduring strength and continuity.”