Royal Mint confirms no 2p coins were minted last year
No 2p coins were minted in 2022
PA
There was no mintage of two pence coins last year, figures from the Royal Mint show.
The 2p coin mintage was zero in 2022, following a mintage of 117,700,000 in 2021 for this coin denomination.
A Royal Mint spokesperson told GB News: “The volume of coins minted each year is wholly dependent on industry demand from UK banks and Post Offices.
"Due to ample supply of 2p coins already being in circulation, additional coins were not required by His Majesty’s Treasury last year, but we work closely with them to evaluate demand and respond accordingly.”
The Royal Mint explained there are “lots of factors” which can influence demand for coins
PA
The Royal Mint explained there are “lots of factors” which can influence demand for coins.
They added: “In 2021, 117,700,000 million 2p coins entered circulation and as of 31st December 2022 the estimated face value for 2ps in circulation is £116.542 billion.”
There were also no mintages of 2p coins in 2018, 2019 and 2020.
Royal Mint figures show there were no mintages for one pence coins recorded in 2018 and 2019.
As contactless card payment use grows in popularity, some people have found they use coins and banknotes less often, but previous research has suggested a “significant” number of people still rely on cash.
There is around 29 billion coins in circulation across the UK.
The Royal Mint figures show there was a mintage of 30,000,000 1p coins last year.
In 2022, 42,800,000 5p coins were minted, as well as 38,000,000 10ps and 42,875,000 20p coins.
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The Royal Mint issues coins on behalf of the Treasury
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Figures show 7,735,000 £1 coins were minted in addition to 4,030,000 £2 coins.
The Royal Mint issues coins on behalf of the Treasury.
It responds to demand from UK banks and post offices.
The UK 2p coin was introduced in February 1971, with the creation of a new decimal currency system.
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