As I reported in July, for the first time this year the Royal Mint received no new orders to produce 1p and 2p coins . The Treasury says this is because enough are in circulation already – but others know the writing is on the wall and one day, the coins will cease to exist.
That could transform the way our currency works – making it in effect denominated in multiples of 5p instead of 1p. And it would be a wise move: most sensible countries have done something similar to coins that are so worthless, people sooner throw them away than pocket them.
