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No new 2p or £2 coins to be made for 10 years in UK

Image copyright Getty Images

Anyone who likes to see a new production date on their coins is set for a disappointing decade.

The Royal Mint has no plans to make new 2p or £2 coins for the next 10 years.

A coin mountain lies in storage as demand has dropped, in contrast to banknotes.

The issue was revealed in a wide-ranging report on the future of cash by the National Audit Office (NAO) warning it could become harder to access by those who rely on it.

It warned that the authorities were not keeping up with the pace of change in digital payments - leaving those who needed cash at risk.

Ten years ago, cash was used in six out of 10 transactions but by 2019 it was used in less than three in 10 purchases.

The NAO said the coronavirus outbreak may have accelerated the trend.

Despite the decline in cash use, a riddle remains over demand for coins and banknotes.

Image caption The old, round £1 coin was withdrawn from circulation in 2017

Coin-making has been cut by The Royal Mint but stocks of every coin in circulation are exceeding its targets. For £2 coins, the hoard is 26 times over target.

A spokeswoman for The Royal Mint said 2p and £2 coin production could return if needed.

"We constantly monitor the demand for coins from the banks and Post Offices, and seek permission to manufacture more from HM Treasury," she said.

These coins have not been needed because lots of old coins were returned to circulation when the 12-sided £1 coin was launched in March 2017.

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