The Royal Mint will not produce any new £2 or 2p coins for at least a decade, as its stocks remain high because of the slump in use of cash, a trend that has accelerated during the coronavirus pandemic.
The rapid decline in demand for coins has left the Mint, which has been producing coins in Britain for more than 1,000 years, with a mountain of excess stock.
It reported in March 2020 that it had stocks of £2 coins 26 times over its target, and was eight times over target for 2p coins.
The fall in the use of cash has been detailed by a report from the National Audit Office (NAO), which monitors the effectiveness of public bodies.
A decade ago, cash was used in six out of 10 transactions, but by 2019 that had fallen to less than three in 10, and some forecasts suggest it may … Read the rest