The Government is due to reveal the fate of copper coins this week, a year after branding them "obsolete".
It comes after The Treasury hinted 1p and 2p coins could be wiped from circulation during last year's Spring Statement.
During his a speech, Chancellor Philip Hammond revealed he was seeking views on 1p and 2p coins as part of a review into the future of cash - inviting people to share their opinions in the wake of a growing number of digital payment methods.
However, in the weeks that followed, the Government u-turned and said there were "no proposals to scrap 1p or 2p coins".
Theresa May's spokesman said: "The consultation's call for evidence was simply intended to help the government better understand the role of cash and digital payments.
Rare 1p coins - have you got a penny worth a fortune?
"One of the elements was whether the denominational mix of coins meets the public need. From the early reaction it looks as if it does."
This week, the results of the consultation are due out - when we'll find out the future of Britain's coppers.
The Treasury declined to comment on whether there will be a reprieve, however it confirmed that "the result of the review will be announced shortly".
According to the Mail on Sunday, a government source said: "We will confirm the penny coin won't be scrapped."
According to Treasury figures, six in 10 of UK 1p and 2p coins are only used once before being put in a jar or discarded, while one in 12 is thrown into a bin.
Many countries including Australia, Brazil, Canada and Sweden have already ditched their low denomination coins.
