Why are pennies back in production? Royal Mint produces 1p coins after not doing so for two years prior
One penny coins were back in production by the Royal Mint last year after the company didn’t produce them for two years prior.
It means there are now more 1p coins in circulation than there were in 2018, but the number brought into being was significantly less than what was produced in 2017.
Some other coins were not produced in 2020, while others saw their production numbers significantly drop.
So, undoubtedly you’ll have a few questions you want answered. Specifically, why have 1p coins been reproduced after a two year hiatus? Have any other coins been produced? And how many coins are in circulation across the country? Here’s what we know.
Why have 1p coins been brought back into production by the Royal Mint and how many have been produced?
According to a statement on the Royal Mint website , the production of coins is determined by demand from UK banks and the Post Office.
It says: “We then respond by issuing coins on behalf of HM Treasury, who ultimately decide how many new coins are issued into circulation.
“In the event that more stocks of UK coins are required to meet demand, we would seek approval to produce more.”
The BBC , meanwhile, is reporting that the coronavirus lockdowns led to production of the 1p coins after they were being hoarded in homes.
In total, more than 88 million 1p coins were produced in 2020, significantly less than the 240 million that were produced when they were last in production in 2017.
Have any other coins been produced by the Royal Mint?
There were more than 49 million 5p coins produced by the Royal Mint last year. That's significantly down on the 92 million produced in 2019.
Regular 10p coins were brought back into production in 2020 with 45 million produced, which is slightly up on the 33 million produced in 2017. Only special 10p coins were produced in 2018 and 2019.
Thirty-two million 20 pence coins were produced last year. That’s significantly fewer than the 125 million made in 2019.
Forty-six million Royal Shield 50p coins were made in 2020, with 122 million made in the previous year. Several other 50p coins were also made.
A grand total of 55 million £1 coins were made last year. That’s fewer than the 138 million made in 2019.
The £2 coin hasn’t been produced for four years now, while the 2p coin hasn’t seen production for three years.
How many coins are now in circulation in the UK?
The Royal Mint estimates that there are 29 billion coins in circulation across the UK.
Last year, it entered 330 million coins into circulation. That’s significantly less than previous years before that.
The rarest coin to enter circulation is the 2009 Kew Gardens 50p, with only 210,000 being produced.
New 50p coins which went into circulation last year included one commemorating Britain’s withdrawal from the European Union and another celebrating diversity. Ten million of those each entered people’s pockets.
For more stories from where you live, visit InYourArea.