News in Brief

UK Coin Questions

One of the parts of the cash cycle most affected by the pandemic has been coins. The normal flow has been seriously disrupted as people have switched to card payments or have rounded cash payments to use notes in preference to coins. In February 2020 there were almost £3 million worth of 2p coins held in wholesale cash centres, but demand has continued to outstrip supply almost every week, and in the past twelve months over £2.2 million in new 2p coins have been issued into circulation but never returned. Where are they all and why aren’t the pennies behaving the same?

The £2 coin is also staying out with the public far longer – again, for reasons that are not properly understood. Perhaps being hoarded for those long awaited holidays? The result, though, is that additional stocks are having to be minted to fill the gap.