All 2p coins minted before 1982 say 'new pence', while those stamped after that date should say ‘two pence’ (Image: GoCompare) The obverse of the coin features a portrait of Elizabeth II by Arnold. Very Rare 2p Coin - 1983 2 New Pence Coin (Uncirculated Two Pence Pre 1983 coin) £3,000.00.
- A 2p is usually copper plated and this 2p coin is made from silver! An error coin minted accidentally in the wrong metal, one of these 2016 coins sold for just over £40 on eBay recently. ✅ 1983 2p coin In 1983, the wording on the 2p coin changed. Instead of ‘NEW’, all 2p’s would have ‘TWO’ minted on them.
- So, all 2p coins pre-1982 should say New Pence, and all those post 1982 should say Two Pence. But, in 1983, a mistake led to a batch of 2p coins being printed with the old wording of New Pence on.
- Detailed information about the coin 2 New Pence, Elizabeth II, Guernsey, with pictures and collection and swap management: mintage, descriptions, metal, weight, size, value and other numismatic data.
In March 2015, the UK treasury confirmed that 1p and 2p coins will continue to be used “for years to come”. However, it has recently been suggested that due to a cash usage slump, The Royal Mint is set to go ten years without producing anymore 2p coins!
But it’s not just our coppers at stake. The same applies for £2 coins, as it has been revealed that in March 2020, The Royal Mint was sitting on 26 times as many £2 coins as it needed to.
According to the National Audit Office’s report into Britain’s cash usage, the number of coins produced each year by The Royal Mint fell by nearly two-thirds between 2011 and this year.
Less than a quarter of all payments were made by cash last year, according to figures released in June by the banking trade body UK Finance.
It’s fair to assume that even less cash has been used since the start of 2020 due to the coronavirusleading tofears of cash usage and a move to more contactless payments.
However, The Mint told Britain’s spending watchdog that there had been ‘sharp increases in demand’ for change ‘as many businesses and consumers hoarded coins in the early months of the pandemic’.
As a result, the Treasury ordered The Royal Mint to strike 60 million additional 1p coins over the summer to meet this new demand. So make sure you keep your eyes peeled for these new 1p coins, especially if you’re collecting dateruns!
The Royal Mint are required to forecast the demand for small change to ensure it keeps enough coins in stock without striking too few or too many, but with significant fluctuations in consumer behaviour in recent years, this has no doubt been a challenge.
In 2017, after the introduction of the new 12-sided £1, The Royal Mint saw a swell in its coin stocks as people rushed to return their round pounds, ending up returning loose change of other denominations at the same time.
According to the NAO, at the end of March, The Royal Mint aimed to hold 700,000 £2 coins, but actually held 18.7million. And rather than holding its target of 15.9million 2p coins, it held 127.1million.
As a result, in March of this year, The NAO said The Royal Mint had estimated ‘itdid not envisage producing any new 2p or £2 coins for at least 10 years’.
We haven’t seen a £2 enter circulation since 2016, so, could this mean that those 2016 dated £2s and 2017 dated 2p coins are the last of their kind? We certainly hope not.
But what about our coppers? Do you think we still need 1p and 2p coins in circulation? Have your say by voting in our poll on Facebook.Do we still need 1p and 2p coins in circulation?
And what could the future for Britain’s definitive coinage be if the 1p and 2p coins were removed? Currently the definitive coins from 1p to 50p come together to create The Royal Shield, but with two key pieces missing, could this lead to a complete re-design?
We’d love to hear what you think about the use of cashvs card and the demand for our smaller denominations, so leave us a comment below to share your thoughts.
If you’re interested in coin collecting, our Change Checker web app is completely free to use and allows users to:
– Find and identify the coins in their pocket
– Collect and track the coins they have
– Swap their spare coins with other Change Checkers
Sign up today at: www.changechecker.org/app
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.
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.
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. Wheel of fortune 1989.
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 Spink
Other 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.
2p Coin Metal
- Find out more: how to spot a valuable note