The future of 1p and 2p coins are to be decided this week.


The future of 1p and 2p coins are to be decided this week.

This week the future of 1p and 2p coins will be decided by Chancellor Phillip Hammond which will be a year after he called them obsolete. In 2018 a treasury consultation seemed to end the way for both of them. But in a reverse, the Prime Ministers spokesman said that there were no plans to scrap them.

There has been no comment from the Treasury about a report that there will be a reprieve. But it has confirmed that the results from a review will be announced shortly. It was suggested that six in ten of 1p and 2p coins were only used once and then put in a jar, and one in twelve was put in the bin. Because of inflation, the 1p coin is now worth less than the halfpenny was when it was abolished in 1984. Many people who support the use of copper coins believe that retailers would round up prices to the nearest 5p if they were scrapped. But staff members from Bank Underground argue that even if that happened there would be little or no effect on the cost of living as measured by inflation.

Canada, Australia, Brazil, and Sweden have got rid of there low denomination coins.

What is your opinion do you think the coins should be ditched?


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