Future Of 1p And 2p Coins Questioned By Treasury - BBC News

[elsiegee40]

When did that come illegal. Inspired by people doing it on tv programs, I always try and make an effort to pay rude suppliers / bankers looking for me to pay a fine or something in the most difficult way possible

 

The Coinage Act 1971

 

Royal Mint

 

£1 and above - for any amount

 

50p - for any amount not exceeding £10

 

20p - for any amount not exceeding £10

 

10p - for any amount not exceeding £5

 

5p - for any amount not exceeding £5

 

2p - for any amount not exceeding 20p

 

1p - for any amount not exceeding 20p

[dapaulio]

The Coinage Act 1971

 

Royal Mint

 

£1 and above - for any amount

 

50p - for any amount not exceeding £10

 

20p - for any amount not exceeding £10

 

10p - for any amount not exceeding £5

 

5p - for any amount not exceeding £5

 

2p - for any amount not exceeding 20p

 

1p - for any amount not exceeding 20p

 

Lol a while then.

 

Just shows not many people know about it as I paid a £4 library lost book fine in 1p after the library claimed I hadn’t returned the book. I had genuinely returned it but they must have lost it in the administration of the returns. after a couple weeks of arguing I decided it wasn’t worth the hassle. The battle axe was not going to back down

[mavhc]

Typical I-don't-want-to-sign-up-for-yet-another-service-to-replace-something-that-already-works-just-fine, plus privacy.

 

 

Yes, but nowhere near as much as they have to pay per card transaction.

Plus then you have chargebacks, that cost a lot (comparatively speaking) if they happen, and bunch of other fees briefly listed here

 

The Bakery24 business would pay 0.74% of turnover in fees then.

 

According to https://www.barclays.co.uk/content/dam/documents/business/Accounts/BAR_9912312_Lo.pdf they charge 0.9% for cash handling, so about the same. Of course if you have both you're already paying the fixed setup and rental costs of the device, so you might as well use it for everything.

 

Will the bank charge you less if you only deal in pound coins and notes? There's also the problem of counterfeit money to deal with.

[6Foot2]

Link: Future of 1p and 2p pieces in doubt after Treasury orders no new coins | The Guardian

 

Treasury officials have for the first time ordered no new coins to be minted for general circulation, putting the future of the 1p and 2p pieces in doubt.

 

The government has not placed an annual order with the Royal Mint and does not expect to order any new 1p and 2p coins in the coming years, the Evening Standard reported.

 

Treasury officials are reported to be considering a number of options including scrapping those coins altogether as the use of cash declines across society.

 

A spokesperson for HM Treasury told the Standard: “The Royal Mint produces coins according to expected demand, existing buffer stocks and orders placed by industry.

 

“We are confident there are enough coins in the system, with estimates of approximately 27bn in circulation in the UK. The Treasury has no current plans to change the mix of UK coins.”

 

Proposals over the future of 1p and 2p are expected to be put forward for discussions with ministers.

 

Britain’s currency decimalisation was introduced in 1971 when Edward Heath was prime minister.

 

A coin has not been taken out of circulation in the UK since the half-penny was removed in 1984.

 

New 2p coins have not been minted since 2021, according to the most recent figures from the Royal Mint, while none were made between 2018 and 2020.

 

The Royal Mint said in a statement: “The Royal Mint’s core purpose is to make UK coins, and we continue to work closely with the Treasury to meet demand from UK cash centres.”

 

Under new rules being introduced by the UK’s financial watchdog, banks and building societies shutting branches will need to do more to make sure people can still access cash.

 

The Financial Conduct Authority (FCA) said its plans would come into effect on 18 September.

 

The new powers will not prevent the closure of bank branches but will require them to ensure they are plugging significant gaps in local cash access.

 

The FCA said research had found that 3 million people on average still rely on cash, with lower-income households disproportionately likely to be excluded from digital services and more reliant on cash.

 

Sheldon Mills, the FCA’s executive director of consumers and competition, said: “Many small businesses still need somewhere to safely deposit their takings each day. That’s why we’ve acted quickly in response to new powers given to us by parliament to ensure reasonable access to cash withdrawal and deposits is maintained.”