No, the UK government has no current plans to get rid of 1p and 2p coins, despite rumors and pauses in new production due to sufficient existing stock, with officials confirming they remain part of UK currency for the foreseeable future, though their low value and decreasing cash use are often discussed.
Downing Street said 1p and 2p coins are not being phased out in the UK after Donald Trump ordered an end to minting one cent coins. The US president said he had told the Treasury Department to stop producing new pennies. “For far too long the United States has minted pennies which literally cost us more than 2 cents.
Amazingly the British Coinage Act (1971) states that 1p and 2p coins are only legal tender up to the value of 20 pence. However, you can use more coins if the person you're paying is willing to accept them.
“The Treasury has no current plans to change the mix of coins,” it said. No coin has been scrapped in Britain since the halfpenny was taken out of circulation in 1984.
1p and 2p coins scrapped: the Royal Mint will produce none of these copper coins in 2024 as demand drops. The Treasury has not ordered any new 1p or 2p coins this year, meaning the Royal Mint will not produce any copper coins bearing the year '2024'.
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Are they getting rid of pennies in 2026?
If you've been noticing fewer pennies in your pockets lately, it's not your imagination. The U.S. Treasury has officially begun phasing out the penny, with production expected to end entirely by early 2026. After more than 160 years in circulation, the country's smallest coin is finally stepping off the stage.
UK Finance research has shown that 39% of adults live an almost cashless life. As well as predicting that cash payments in the UK will continue to decline, and that by 2031, cash will account for 6% of all payments.
According to experts, it's unlikely that the penny's value will significantly increase, even with the drop in production. There are still plenty of pennies in circulation, meaning they aren't a strong investment.
"In 1983, there were supposed to say Two Pence, but a few were accidentally printed with the old design 'New Pence'. "From 1971, when decimal coins were introduced, all 2p coins said 'New Pence' on them so they are not rare or valuable."
A coin has not been taken out of circulation in the UK since the half-penny was removed in 1984. New 2p coins have not been minted since 2021, according to the most recent figures from the Royal Mint, while none were made between 2018 and 2020.
Most high-street banks in the United Kingdom are willing to accept demonetised coins from their customers. Larger Post Office branches are usually willing to accept demonetised coins in exchange for goods and services.
Mint. The penny isn't discontinued and still counts as legal tender, and the final batch is expected to enter circulation in early 2026. But with no new coins being made, the circulating supply will shrink as older pennies drop out of use.
It's a transitional mint error — struck on leftover copper planchets when the Mint had already switched to zinc. What is the value of a 1982-D Small Date Copper penny? Depending on grade, examples have sold for $10,000 to $25,000+ at major auctions.
It is not illegal to keep cash at home in the UK, but it should be stored securely to mitigate risks. The amount of cash to have on hand varies, but a small amount for emergencies is recommended while keeping most in a secure bank account.
Sweden has officially become the first country in the world to go completely cashless. Almost every shop, café, and public transport system in Sweden now accepts only digital payments like cards or mobile apps. The popular app “Swish,” launched in 2012, is used by millions of Swedes to send and receive money instantly.
The UK is rapidly moving towards being a low-cash, but not fully cashless, society, with digital payments dominating, yet cash remains crucial for millions, especially vulnerable groups, leading to government efforts to protect access via legislation, banking hubs, and ATMs, even as some businesses go card-only and digital ID plans emerge. While cash use has plummeted (less than 10% of payments in 2024/25), the Bank of England and officials stress that a completely cashless system isn't feasible or desirable yet, focusing on maintaining choice and access for everyone, including the elderly and low-income individuals.
If you have heard of only one rare coin, there is a good chance that it is the 1933 penny. For some reason this coin, more than any other, has lodged itself in the public consciousness. Indeed, people have spent a lifetime sifting through their coins in a vain attempt to find one.
If you cannot track one down, you can purchase a 1971 Penny for a very reasonable price. By filtering on eBay for coins that had already sold, we found that buyers can pick up a 1971 1p coin for about £1, including postage. Rolls containing fifty uncirculated 1971 1ps are easily purchased for under £5.
Arguably the most valuable one penny coin is the 1933 George V penny, which is worth an estimated value of £72,000. Although this was originally created as a pattern coin – which means it is not intended for release into circulation – it is believed seven were issued, making them extraordinarily rare.
Check if your local branch has a machine first before dragging your coins along. Metro Bank has free coin deposit machines that anyone can use, even if you're not with Metro Bank. There is a 'Money Magic Machine' in every branch that will count your coins.
The UK Treasury has said that 1p or 2p coins are not being scrapped, but with more people living cashless lives, there have been several years when no 2p coins were produced.
