• Thursday, August 11, 2022

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The Penny’s days could be numbered

(Photo by Peter Macdiarmid/Getty Images)

By: Keerthi Mohan

The government is considering dropping the penny, one of the oldest coins in the world, and also scrapping the £50 note, the Treasury said in a consultation note. Two thirds of 1p and 2p coins were used in only one transaction before being discarded, the document said. “From an economic perspective, having large numbers of denominations that are not in demand . . . does not contribute to an efficient or cost-effective cash cycle,” it noted. The introduction of contactless payments has affected the production of 1p and 2p coins, the report said. If Britain goes ahead with the proposal, it…

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