PREV ARTICLE
NEXT ARTICLE
FULL ISSUE
PREV FULL ISSUE
FATE OF BRITAIN'S 1P AND 2P COINS UNCLEARThere are conflicting reports today on the fate of Britain's lowly copper-plated 1p and 2p coins. The first article, forwarded by David Sundman from The Sunday Times states that the Treasury will announce this week that at least the 1p coins will remain in circulation. But a later report forwarded by Arthur Shippee from BBC News calls that notion premature. So stay tuned for further announcements. Meanwhile, here are excerpts from the articles. -Editor
Yet plans to ditch the 1p coin have been scrapped after both charities and businesses objected. It is understood the Treasury will announce this week that after a public consultation 1p coins are to remain in circulation. The future of copper coins was thrown into doubt last year after the Treasury said it did not make economic sense to produce them and then launched the consultation. About 60% of the coins are used in only one transaction before being stashed in piggy banks, thrown away or lost, says the Royal Mint, which produces the coins from copper-plated steel. Campaigners had argued that losing coppers would have a damaging effect on smaller charities which rely on bucket collections. There were fears, too, that removing copper coins from circulation would increase prices as retailers would round up to the nearest 5p, ending the infamous price tag ending with 99p. The half-pence coin was withdrawn from circulation in 1984. The UK’s decision to preserve the pennies sets it apart from countries such as Norway, Israel, New Zealand, Brazil, Australia and Switzerland, which have all phased out their smallest denominations. The smallest euro coin is still one cent, although some countries have stopped minting them. To read the complete article, see:
Chancellor Philip Hammond will this week rule on the future of 1p and 2p coins, a year after he called them "obsolete". In his Spring Statement in 2018, a Treasury consultation about the mix of coins in circulation appeared to pave the way for the end of both of them. A swift reverse by the Prime Minister's official spokesman declared there were no plans to scrap the copper coins. The Treasury has declined to comment on a report that there will be a reprieve. But it confirmed that "the result of the review will be announced shortly". To read the complete article, see:
Wayne Homren, Editor The Numismatic Bibliomania Society is a non-profit organization promoting numismatic literature. See our web site at coinbooks.org. To submit items for publication in The E-Sylum, write to the Editor at this address: whomren@gmail.com To subscribe go to: https://my.binhost.com/lists/listinfo/esylum All Rights Reserved. NBS Home Page Contact the NBS webmaster 
|
