Millions of pennies back in production as cash hoarded during Covid

·1-min read
Shiny new pennies come off the production line at the Royal Mint in Pontyclun, Wales (PA)
Shiny new pennies come off the production line at the Royal Mint in Pontyclun, Wales (PA)

Thousands of new pennies have hit the tills for the first time in three years as cash is hoarded in the pandemic.

More than 88million 1p coins were released last year, according to figures from Royal Mint.

Stacks of change have been stashed at home during Covid lockdowns meaning more money had to be produced for the economy.

Banks recently called on people to donate spre coins to charities after fundraising was hit.

The 88,071,910 haul of new 1p coins is still not a dent on those produced before the two-year pause. Almost a quarter of a billion were produced in 2017.

Some 50million 5ps, 45million 10ps and almost 56million £1 coins were minted last year.

However, the figures show no 2ps have been produced for three consecutive years.

No £2 coins have been produced for four years.

The Royal Mint previously said it had no plans to resume production of these coins for 10 years due to a coin mountain amid falling demand.

A Royal Mint spokesperson told the BBC: “The volume and variety of coins which enter circulation is determined by demand from UK banks and Post Offices.

“When demand rises we consult with HM Treasury before manufacturing more coins.”

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