MSE News

No new 1p or 2p coins produced last year

For the first time in decades, the Royal Mint didn't produce any new 1p or 2p coins in 2018. 

The last year where no 1p coins were made was 1972, while the last time no 2p coins were produced was 1984. There were also no new £2 coins made last year.

Every year, the Treasury asks the Royal Mint to produce a certain number of coins based on demand – so if there are already enough coins of a particular denomination in circulation, the Mint won't need to make any more.

There are currently around 10.5 billion 1p coins and 6.3 billion 2p coins in circulation, along with 494 million £2 coins.

In our latest poll, 53% of MoneySavers said they'd like to see 1p and 2p pieces ditched, but earlier this year the Government confirmed that 1p and 2p coins would be staying in circulation, saying more than 2.2 million people in the UK still rely on cash.

What does the Treasury say?

A Treasury spokesperson 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."

Additional reporting by the Press Association.

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