The government has ruled out scrapping 1p and 2p coins, despite launching a consultation into the use of cash. And if you're among the 60% of people who immediately save, lose or even throw out pennies you receive, think again – these small coins can be worth more than you think.
Out of the four commonwealth £2 coins put into circulation to celebrate the 2002 commonwealth games, the Northern Ireland coin is considered the rarest. In fact, it's probably the rarest £2 coin in circulation with only 485,500 minted. When put next to 417 million £2 coins in circulation, this makes it quite difficult to find. This coin is exceedingly rare. The Secret Service confiscated the early specimens until the U.S. Mint admitted they were genuine. Counterfeits abound but usually have the wrong mint mark. In May 2014, a mother in Texas found one while going through rolls of coins. PCGS graded the coin AU-55, and it is valued at approximately $24,000.
Launched on Tuesday, the government's consultation will consider the mix of denominations in circulation, with a particular focus on whether pennies and £50 notes are still being used effectively by the public.
Which? looks at the debate over pennies and £50 notes, and highlights the rarest and most valuable among these denominations.
Could 1p and 2p coins be scrapped?
During the Spring Statement, the Chancellor of the Exchequer announced a consultation into the use of cash and digital payments in the UK market, including whether little-used denominations – including pennies and £50 notes – are meeting the public's needs.
Six in 10 penny coins are used once in a transaction before ‘leaving the cash cycle' – meaning they're saved or lost, according to the consultation paper. In 8% of cases, the coins are simply thrown in the bin. To compensate, the Royal Mint produces around 500m new pennies each year. Free spins casinos.
Malina casino. Yet charities warn that smaller organisations rely on pennies for collection buckets and coin drives, and many pensioners still deal primarily in cash.
Less than 24 hours after the consultation was announced, Downing Street confirmed it had no plans to axe 1p and 2p pieces.
Commons leader Andrea Leadsom said in response to a question: ‘I think it's safe to say that the penny has dropped: we've considered change, we know we like change, so we think we will probably keep change and have no change.'
While scrapping the penny is off the table in Britain, other countries around the world have previously taken this step – Australia withdrew its one- and two-cent coins from circulation in 1992, while Canada did so in 2013.
- Find out more: Spring Statement 2018: everything you need to know
What are the most valuable 1p coins?
Unlike other coin denominations, the design of pennies tends to stay the same over the years, meaning there are fewer sought-after collector's items.
Even so, one of the most valuable coins ever sold is a 1p – the 1933 ‘old penny', which in 2016 sold for £72,000 at auction.
In 1933, the Royal Mint had such a large stockpile of pennies that it wasn't necessary to mint more. Less than 10 pennies were struck with the 1933 date, with the majority going to Royal Mint records or buried under new buildings as part of a tradition.
With such a small mintage, this coin is unlikely to turn up in your spare change.
A more common find is the 1971 ‘new penny'. These coins are from the first run after decimalisation was introduced, when Britain switched its standard to 100 pennies in the pound.
A 1971 penny could fetch a premium, with one recently selling for £5.99 on eBay. But be wary – while others are listed at up to £75, there is no guarantee that anyone would pay this amount.
You should also be on alert for misleading claims by coin traders, a Which? investigation revealed, with some companies encouraging misconceptions about which coins are considered investments.
- Find out more: the dark side of the coin investment craze
Rarest 2p coins
Much like 1ps, the design of 2p coins has been largely the same over the years. Still, it's worth taking a second look at older 2p coins.
From 1982 onwards, coins were stamped with ‘two pence' instead of ‘new pence'. But a minting error in 1983 meant some coins were accidentally stamped with the old-style wording – creating an ‘error' or ‘mule' coin.
If you find a 1983 2p stamped with ‘new pence', it could be worth a hefty premium.
- Find out more: Spring Statement 2018: everything you need to know
What are the most valuable 1p coins?
Unlike other coin denominations, the design of pennies tends to stay the same over the years, meaning there are fewer sought-after collector's items.
Even so, one of the most valuable coins ever sold is a 1p – the 1933 ‘old penny', which in 2016 sold for £72,000 at auction.
In 1933, the Royal Mint had such a large stockpile of pennies that it wasn't necessary to mint more. Less than 10 pennies were struck with the 1933 date, with the majority going to Royal Mint records or buried under new buildings as part of a tradition.
With such a small mintage, this coin is unlikely to turn up in your spare change.
A more common find is the 1971 ‘new penny'. These coins are from the first run after decimalisation was introduced, when Britain switched its standard to 100 pennies in the pound.
A 1971 penny could fetch a premium, with one recently selling for £5.99 on eBay. But be wary – while others are listed at up to £75, there is no guarantee that anyone would pay this amount.
You should also be on alert for misleading claims by coin traders, a Which? investigation revealed, with some companies encouraging misconceptions about which coins are considered investments.
- Find out more: the dark side of the coin investment craze
Rarest 2p coins
Much like 1ps, the design of 2p coins has been largely the same over the years. Still, it's worth taking a second look at older 2p coins.
From 1982 onwards, coins were stamped with ‘two pence' instead of ‘new pence'. But a minting error in 1983 meant some coins were accidentally stamped with the old-style wording – creating an ‘error' or ‘mule' coin.
If you find a 1983 2p stamped with ‘new pence', it could be worth a hefty premium.
A set of uncirculated 1983 coins containing the mule 2p recently sold on eBay for £1,370.
But it's worth keeping in mind that coins lose value once they've been in circulation. A circulated 1983 1p error coin recently sold for £25 – significantly less than the coins in ‘mint condition', though still a tidy profit on its face value.
- Find out more: the rarest and most valuable coins and notes in circulation
Rare 50p coins
While pennies are in the headlines at the moment, the most collectible coins tend to be 50ps.
Coin enthusiasts know to keep an eye out for the Kew Gardens 50p. With just 210,000 in circulation, each of these can sell for over £150.
Another highly sought-after release is the Sir Isaac Newton 50p, but you won't find it in your spare change. This coin is only available from the Royal Mint Experience in Llantrisant, Wales – and you'll need to strike it yourself.
Currently these coins are selling for around £40 on eBay.
The Royal Mint has also released a series of Beatrix Potter 50p coins, that have proven popular among collectors and Peter Rabbit fans.
Will £50 notes be withdrawn?
The future of £50 notes is currently uncertain.
The consultation identified the fifty as a currency that's rarely used in transactions, and associated by the public with money laundering and tax evasion. Asked about the future of a £50 note, a Downing Street spokesperson said considerations were still underway.
In recent years, £5 and £10 notes have been replaced with polymer designs – and an updated £20 note is due in 2020. By contrast, there are no plans underway to update the £50 note, with the Bank of England saying it will make a decision ‘in due course'.
Rare £50 notes
For collectors, the value of banknotes often comes down to the serial number.
Many collectors seek out the first notes in a series – indicated by a serial number starting with AA01.
The lower the number, the higher the value of the note. Most notes with serial numbers below 30 are presented to dignitaries, and any number lower than 200 is likely to be in high demand.
In 2012, auction house Spink sold a £50 note with the serial number AA01 000200 for £220.
Image courtesy of SpinkOther collectors are willing to pay a premium for the first or last note series signed by a chief cashier. Alternatively, certain sequences of numbers – for example 12345 – can also attract collector interest.
- Find out more: how to spot a valuable note
The Royal Mint has revealed no new 1p or 2p coins were struck over the past year. The news comes after a report by HM Treasury proposed scrapping pennies altogether – so, is the future of copper coins under threat again?
The last time no new 1p coins were struck was 1972, for 2p coins it was 1984.
There were also no new £2 coins struck this year, although this isn't quite as rare – 2017 was the last time no new £2s were produced.
So what's going on? Which? looks at why The Royal Mint stopped striking 1p, 2p and £2 coins in 2018-19, what the future of cash is and how to find a rare coin in your spare change.
Why were no new pennies struck in 2018?
Put simply, the Treasury says we have enough.
Right, now there are around 10.5bn 1p coins, 6.3bn 2p coins and 494m £2 coins in circulation across the UK.
It's up to HM Treasury to tell the The Royal Mint how many coins to make to meet the demands of UK banks and the Post Office.
The Treasury says UK coins have an impressive lifespan, and rarely need replacing.
Could 1p and 2p coins be scrapped?
With the use of cash in decline across the UK, the future of copper coins has often been called into question.
It looked as if the penny's days were numbered in March 2018, when then Chancellor Philip Hammond called for views on the current mix of notes and coins in circulation.
Research by the Treasury found that six in ten pennies are only used once in a transaction, then stashed away or lost. One in 12 are thrown straight in the bin.
But there was a backlash from the public, MPs and charities, who argued that many 1p and 2p coins end up in donation boxes. We donated over £320m in loose change to charities last year alone, according to one survey.
In May this year, the Treasury decided that the copper coins were still needed and confirmed that all denominations from the penny to the £50 note would continue to be available for ‘years to come'.
Rare 1p Coins Silver
Read more:do 1p and 2p coins have a future?
How to spot a rare 1p or 2p coin
Rare 1p Coins For Sale
Unlike other coins, the design of the 1p and 2p coins haven't changed much over the years. However, there are still rare finds that could interest collectors.
One of the most valuable 1p coins ever sold was the 1933 ‘old penny', which in 2016 fetched £72,000 at auction. The Royal Mint struck less than 10 pennies with the 1933 date, making it incredibly sought-after.
Bet365 casino bonus. You might have better luck finding a 1971 ‘new penny' which may be valuable because they are the coins from the first run after decimalisation was introduced.
When it comes to 2p coins, it's worth looking out for error coins.
In 1982, all 2p coins began to be stamped with ‘two pence' instead of ‘new pence'. However, a minting error in 1983 meant some coins were stamped with the old-style wording.
This means that if you find a 1983 2p with the ‘new pence' error, it could be worth a premium. In July 2019, a set of uncirculated 1983 2p error coins sold for £1,100.
How to spot a rare £2 coin
The £2 coin hasn't been around for long – it launched in June 1998 – but it has stirred excitement among collectors.
The coins designed to commemorate the 2002 Commonwealth Games are the rarest £2s in the UK.
Rare 1p Coins Worth
There were 2.5m issued with the same design but four different flags to celebrate the participating Home Nations: England, Wales, Scotland and Northern Ireland.
Rare 1p Coins Gold
A series of new commemorative £2 coins are also about to enter circulation, including an RAF, WW1 Armistice, Frankenstein and Captain Cook design.
What to do if you find a valuable coin
If you discover a rare coin in your change, you should consult The Royal Mint to confirm it's genuine.
You will usually get a letter to confirm its authenticity.
Once you have this you can sell it at an auction, online or through a coin dealer.
It's important to realise that a coin's value is in the eyes of the collector, so this will impact how much someone is willing to pay.
The video below explains the different types of coins you can collect and for more information about how to spot an illegitimate coin, check out our investigation into the dark side of the coin investment craze.
