Have you found a 2020 dated 1p coin? Covid hoarding leads to increased penny demand
For the first time since 2017, 1p coins were back in production last year, with the latest mintage figures revealing that 88,071,910 pennies entered circulation in 2020.
Previously on our blog we’ve posed the question, ‘What is the future for 1p and 2p coins?’ as the Treasury has doubted the validity of the smaller denominations.
However, it seems that during the covid pandemic, and particularly in lockdown, a pattern of cash hoarding has resulted in less loose change being circulated.
In fact, banks have recently been calling on people to donate any unused change to charities, as they have felt the impact of the pandemic on fundraising.
Demand for 1p coins increases
Earlier this week, the latest mintages figures were revealed for 2020 coins and it seems that the demand for 1p coins has now increased, as The Royal Mint have produced over 88 million of them for circulation last year.
Whilst this doesn’t quite reach the heights of 2016 when almost 250,000,000 1p coins were minted for circulation, it is still an improvement on the 2p and £2 coins which did not enter circulation at all last year.
The UK’s very first decimal 1p coin was minted in 1971 and since then more than 28 billion of the coins have been produced by The Royal Mint.
The biggest influx came at the turn of the millennium, when over a billion coins were produced were produced in the year 2000.
Could the rise of contactless payments kill cash?
Overall, it does appear that the general demand for cash may be falling, partly due of the rise of cashless payments and contactless cards.
A spokesperson from The Royal Mint said: “The volume and variety of coins which enter circulation is determined by demand from UK banks and Post Offices. When demand rises The Royal Mint consults with HM Treasury before manufacturing more coins.”
Currently, there are no plans to produce new £2 or 2p coins for circulation over the next 10 years, as The Royal Mint are sitting on 26 times as many £2 coins as it needs to.
But, as we covid affects our use of cash and leads to hoarding, we are already seeing greater demand for smaller denominations, as demonstrated by the production of the 2020 dated 1p coins.
Have you found yourself holding on to more small change during the pandemic and what are your thoughts on the use of cash vs contactless? Let us know in the comments below!
If you’re interested in coin collecting, our Change Checker web app is completely free to use and allows users to:
– Find and identify the coins in their pocket
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I UNDERSTAND PEOPLE WANTING TO GET RID OF 1p 2p and 5p COINS, BUT THEN ALL THINGS WOULD THEN INCREASE BY 10p MINIMUM LEADING TO HIGHER INFLATION, IF YOU GET RID OF ALL CASH AND ONLY PAY BY CARD FOR EVERYTHING THEN EVERYTHING YOU BUY WILL BE LISTED AND YOUR INFORMATION SOLD OFF TO COMPANIES TO TARGET YOU WITH ADVERTISING AND ALL YOUR PURCHASES WILL HAVE A PERCENTAGE CHARGE ON EVERY TRANSACTION YOU MAKE LIKE YOU WOULD PAY ON SAY PAYPAL ETC. FOR EXAMPLE. CREDIT CARD COMPANIES AND BANKS WOULD BE COINING IT IN, EXCUSE THE PUN.
This is not about the 1p but I have Thor old £50
Note numbered AA01…….
Could this be of some value .
Is it a Green £50 or a Red one?
I work in a charity shop and small coins like 1p. 2p and 5p are no use to us at all. I can’t remember the last time i gave one in change or had somebody pay with one. We price everything up in whole pounds or pounds and 50p so we only really deal in pound coins and 50p. If all the lower denominations disapeared tommorow we would not even notice.
I got my first 2020 penny in change back in January, but have only seen 3 more since then. It’s the lowest ever 1p circulation mintage (1982 next lowest, just over 100m). Brilliant to see new 2021 2p hitting the streets: got my first in June. Had my first 2020 10p just this month. Use it or Lose it – To keep our hobby interesting I say “Keep Cash Alive” – so I avoid using contactless or credit card wherever possible.
I prefer cash if we go cashless it means the goverment and tax man know whats in your accounts. The way things are with next to nothing interest why have a bank account. Cash is the best way
I have one 2020 1p coin, but 4 x 2021 2p coins. I’m all in favour of retaining small change as it fits into small hands, and young collectors are the future of coin-collecting.
I have found the 2020 1p and also a 2021 2p so there are some out there.
Good News. I have enjoyed collecting date runs of pennies for a long time and was disappointed that 2018/19 were left out. I have always thought that during a glut maybe 50,000 pennies of those years could have been minted and circulated to give collectors like me something to look for in their change.
I have commented once and thats all
I dont carry cash at all. My wife say’s I’m like the Queen. But I do have cards for the payment of bills
As to have I seen any 2020 1p coins, no I have not
I don’t think we ought to believe everything Royal Mint tells us! As you comment above, last year they said that no new 2p or £2 coins would be needed for the next 10 years, but there has since been a big influx of 2021-dated 2p’s into circulation!
I’ve found a fair few 2020 pennies, over last 4 months the 50ps and £1 not yet though.
I’ve found a fair few over the last 3 months
I think the 1p and 2p coins should be taken out of circulation. People hoard them because you need a barrow full to buy things these days. They are getting too small for transactions as the half penny did.
I have found one of the new 1p coins, but would appreciate the 88 million in my change. I have encapsulated it and will save it for my grandchildren, along with some of my rarer finds.