All change? Future of 1p and 2p coins in doubt as demand falls

All change? Future of 1p and 2p coins in doubt as demand falls
 

The future of 1p and 2p coins and the £50 note is in doubt after the Treasury said demand was in sharp decline as consumers turn their backs on cash in favour of contactless payments.
Launching a review of cash and digital payments alongside the spring statement, the Treasury said it did not make economic sense to produce coins and notes that are used infrequently.
About 60% of copper coins are typically used in just one transaction before being stashed in a jar or thrown away. The Royal Mint, which produces the UK’s notes and coins, needs to issue more than 500m 1p and 2p coins each year... read more

 
13 March 2018 in Business, Views: 44
Source: Guardian
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