1p for your thoughts

No 1p or 2p coins were produced by the Royal Mint last year. This has led the AAT to renew its call for them to be scrapped. AAT’s Phil Hall says there is a compelling and rational case to stop producing these coins – they cost more to make and distribute than they are worth!

He explained that the majority of these coins are used in only a single transaction before they leave the cash cycle, having been saved in jars or thrown away. The Royal Mint ordinarily need to produce and issue around 500 million 1p and 2p coins each year to replace those falling out of circulation.