No New Coins for the UK

No orders for new coins intended for general circulation have been sent by the Treasury to The Royal Mint this year, in what is believed to be a historic first. The Royal Mint issued just shy of 16 million coins last year, in comparison to the 162 million issued in 2022-23.

Announcement of the Treasury’s decision to suspend orders was coupled with reports that it was considering a number of options – including the possibility of withdrawing the lowest denominations completely. However, a Treasury spokesman has said that they ‘are not scrapping 1p or 2p coins’ and that it is ‘confident there are enough coins in the system to meet demand’. It also confirmed that there are no current plans to change the denominational mix of UK coinage.