UK Treasury considers phasing out 1p and 2p coins due to reduced cash usage and inflation.
The UK Treasury may consider eliminating 1p and 2p coins due to reduced cash usage and inflation, causing concern for vulnerable groups who rely on cash. The Royal Mint will not be asked to produce new coins, as current supplies are believed sufficient. While the Treasury has not confirmed plans, they are evaluating the future of these coins in a transitioning cashless society.
July 24, 2024
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