Statement on future of 1p and 2p coins after none were ordered from Royal Mint

The Treasury has quashed rumours that the humble 1p and 2p coins are to be discontinued, despite none being minted this year due to a surplus already in circulation. Reports had been circulating that the coppers might be on their way out as cash transactions plummet.

A spokesperson for HM Treasury firmly stated, "We are not scrapping 1p or 2p coins," attributing the decision not to produce more to an adequate existing supply. "We are confident there are enough coins in the system without the need to order more this year."

It's the Treasury that instructs the Royal Mint on coin production based on economic demand, with some coins remaining in use for many years. Notably, there were periods in the 1970s and 1980s when no new 2p coins were struck, and both 1p and 2p coins were last produced in 2018.

Former Chancellor Philip Hammond once deemed these small denominations "obsolete" in 2018, yet reversed course by promising to safeguard them the following year. The Treasury, speaking to The Standard, estimates a staggering 27 billion coins currently circulate throughout the UK, reports Wales Online.