Posts Tagged ‘mintages’
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
New 50p and 10p entries! Your Scarcity Index Update…
It’s time for your latest Scarcity Index update, where we reveal the UK’s most sought-after circulation coins of the last three months! And it’s all change once more, as we see some new entrants to our 50p and 10p Indexes…
Following the confirmation of the 2019 mintages at the beginning of the month, we’ve updated our 50p and 10p index to include the Sherlock Holmes 50p, Paddington at the Tower of London 50p, Paddington at St. Paul’s Cathedral 50p, and we’ve updated the total mintages for the A-Z 10p coins.
Whilst these figures have only just been released and we’ll most likely see the effect this has on the Index in the next quarter, there’s been a lot movement across the board in this update…
A-Z 10p Scarcity Index
There’s been another big mix up in our latest A-Z 10p Scarcity Index, with our biggest climber, Q for Queue, jumping up a huge 13 places!
The Yeoman Warder 10p has also knocked the Tea 10p off the top spot where it was sitting comfortably for the previous two quarters!
We’ve seen the Robin 10p climb four spaces – no doubt due to that incredibly low 2019 mintage of just 64,000. This takes the combined 2018 and 2019 mintages for this coin to 284,000.
In fact, all of the lower mintage A-Z 10ps have shot to the top of the index. The Y, Z, and W 10ps all have a 2019 mintage of JUST 63,000 and now all sit in the top 4!
Regardless of where they feature in the above index, if you have any of the A-Z 10ps in your collection you should consider yourself very lucky. A maximum of only 304,000 of each design entered circulation!
Find out which coins in the series have the lowest mintages here >>
50p Scarcity Index
The top of our Scarcity Index remains consistent with our last update with the Judo 50p sitting just below the Kew Gardens 50p.
However, there’s been a lot of shuffling in the middle and lower third of the index, with the Pentathlon 50p climbing 10 spots and the Taekwondo 50p dropping 10! Last index the Taekwondo 50p climbed 11 so it’s interesting to see it fall back down this quarter.
Now that we have the mintages for the Sir Arthur Conan Doyle (Sherlock) 50p and the 2019 Paddington coins, we’ve seen these enter the index relatively low.
Whilst both coins are relatively common (8,602,000 Sherlock Holmes 50ps entered circulation and 9,001,000 of each 2019 Paddington coins entered circulation) we’re excited to see how the confirmation of their mintages effects their place on our next Scarcity Index update…
£2 Scarcity Index
Once again we’ve seen a reshuffling of the Commonwealth Games coins at the top of the Index, with the Commonwealth Games Wales £2 climbing back into the top 4.
There’s been a fair bit of shuffling around in the rest of the index, with the Florence Nightingale £2 climbing 8 places this quarter! The Act of Union £2 has also dropped 6 places in this update. These are definitely the coins to watch over the next few quarters…
There’s no doubt that the Treasury’s announcement of having no plans to issue any £2 coins into circulation for the next 10 years has caused a bit of shuffling in this index and we’ll no doubt see this effect trickle into the next few updates.
How your Scarcity Index works
Generally collectors have had to rely upon mintage figures to identify the scarcest coins. But they only tell part of the story. Trying to find a good quality coin from 15 – 20 years ago, even for a higher mintage issue, is much more challenging than a more recent issue, as coins become damaged over time and are ultimately removed from circulation.
Additionally, some designs are more hoarded than others by people who might not normally collect coins – the poignant First World War £2 Coin series being an example. Finally, it can be up to a couple of years before the Royal Mint eventually confirms the actual mintage for an issue.
That’s why we have combined the mintage information with two other key pieces of information.
- How many of each design are listed as “collected” by Change Checkers, indicating the relative ease of finding a particular coin.
- The number of times a design has been requested as a swap over the previous 3 months, showing the current level of collector demand.
Importantly, as new coins are released and popularity rises and falls across different designs the Scarcity Index will be updated quarterly allowing Change Checkers to track the relative performance of the UK’s circulation coins.
How much are my coins worth?
The Scarcity Index does not necessarily equate to value but it is certainly an effective indicator. For example, the Kew Gardens 50p coin commands a premium of up to 200 times face value on eBay.
You can use the 6 point guide to help you determine a more realistic value for your coins.
What about £1 Coins?
The £1 Scarcity Index has already been published for the Round £1 coins and, because they are no longer being issued, this is now set in stone.
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Rarest A-Z 10p coins revealed! 2019 Mintage Figures Update
Exciting news! The Royal Mint have revealed the latest mintage figures for 2019 coins!
Three 50p coins entered circulation in 2019 and collectors across the nation have been debating how rare each one might be.
What’s more, we were all eagerly awaiting the reveal of the mintage figures for the 2019 A-Z 10p coins.
But now the official figures have been revealed and it looks like there are some particularly rare ones we should be looking out for…
The Rarest A-Z 10p Coins!
Whilst each of the 2018 dated A-Z 10p coins had the same mintage of 220,000, this year the mintages are varied among the designs!
Collectors who have managed to find the 2019 dated Q, W, Y, Z, and R 10p coins will be delighted to see that these have a lower mintage than the other 21 designs from that year.
The 2019 World Wide Web, Yeoman Warders and Zebra Crossing 10p coins all have a mintage of JUST 63,000! When you compare that to the rarest 50p in circulation, the Kew Gardens 50p, which has a circulating mintage of 210,000, it puts into perspective just how rare these 10p coins are.
When you combine the 2018 and 2019 mintages for these coins, it confirms that a total of 283,000 of each design has entered circulation.
The other 10p coins to look out for are the Robin and Queuing 10p, with a 2019 mintage of 64,000 and 83,000 respectively.
Are you lucky enough to have these coins in your change? Let us know in the comments below!
50p Mintage Update
Sherlock and Paddington Join the Chart!
The Paddington Bear coins are some of the most popular 50ps in recent years and collectors have been waiting to find out just how rare they are.
It’s now been confirmed that 9,001,000 of each 2019 design (Paddington at the Tower and Paddington at St. Paul’s Cathedral) were issued into circulation.
Whilst these coins aren’t exactly rare, they are certainly a collector favourite, with children, parents, and 50p collectors alike all wanting to find all four coins from the series in their change. Have you got these coins in your collection? Let us know in the comments below!
The mintage figure for the 2019 Sherlock Holmes 50p has also been confirmed. 8,602,000 of these 50p coins, celebrating the 160th anniversary of the birth of author Sir Arthur Conan Doyle, were struck for circulation.
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.
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 2019.
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.
No 1p or 2p coins entered circulation in 2018 either, 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