Yahoo Finance Why Britain quietly stopped making 20p coins
The Royal Mint — which manufactures coins for the UK — did not produce a single 20p or £2 coin in 2017.
Official figures show that the Royal Mint cut 213 million 20p pieces, as well as millions of £2 pieces, in 2016, but none were made the following year.
This is due to the introduction of the 12-sided £1 coin.
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When the coin — designed by 15-year-old schoolboy David Pearce — entered circulation in March 2017, a high-profile campaign urged Brits to spend, bank, or donate their old round coins before they lost legal tender status.
As a result, Brits flooded the high streets not only with their pound coins, but also with all their other coins.
For at least a year, there were enough 20p and £2 coins back in circulation that no more had to be made.
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“The quantities of UK coins the Royal Mint is asked to produce each year varies according to UK demand for specific denominations at the time. UK coins have an impressive lifespan, so they don’t need replacing as often as other forms of currency,” a Royal Mint spokesperson said.
“This, together with the ongoing decline in the number of cash transactions in the UK each year, means that the UK Banks and Post Office may not request every denomination every year if there is already sufficient coin in circulation.”
The government announced this month that 1p and 2p coins will remain in circulation, despite Britain increasingly becoming a cashless society.
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There are no plans to change the design of Britain’s other coins.
“We have no plans to change the current make-up of coins and notes used in the UK — and that includes the £2 and 20p pieces,” a Treasury spokesperson said.
“Our coins are of the highest quality and the amount we ask the Royal Mint to produce every year depends on demand from banks and Post Offices.”
