UK Coinage Ceases, The Mint Will No Longer Mint Pennies – QuiFinanza

The UK is imposing a moratorium on the production of new coins due to the increasingly intensive use of electronic payments: the Mint will no longer mint pennies.

in United kingdom Digital payments are increasingly used, year after year, by the subjects of today’s King Charles and yesterday’s Queen Elizabeth, so much so that Treasury officials have ordered their introduction. Mint the National, Royal Mintfor No new coins are minted. For general circulation. This process will mainly affect the so-called coins, i.e. those with lower value, i.e. coins one pennyThis would be a decision that, if confirmed, could mark a decisive turning point towards the much-discussed abandonment of cash in favor of digital payments.

United Kingdom, Stop Coins

As reportedEvening StandardThe Royal Mint, English mint As mentioned, we will plan to Don’t ask for new 1p and 2p coins. In the coming years after receiving the order from the British Treasury officials. The impetus for this radical decision will be primarily due to the increasing proportion of citizens who, in the United Kingdom, make payments using digital tools almost exclusively.

The data confirms this: every year, the percentage of those who pay for their purchases using digital cards or similar increases by 2 percent. Cash transactions Instead, it fell to a total of 12% in 2023, and is expected to fall to less than 10% in 2024. A group too small to print new money, especially if it is of small denomination as in the case of one penny.

Historical precedents of the United Kingdom

in United kingdom Both the payment system and the currencies used have always had significant characteristics. In the past, for example, the world’s citizens relied on Imperial monetary system Which was based on fractions. This states that the most valuable currency is Crown textEight of them make one. GBP.And again, that shillingThe English also called it a bob, and its value was one-twentieth of a pound, or 12. one pennyIt may seem like a very old system, but in fact, the switch to the decimal system in the UK only happened on 15 February 1971, when pennies became common. centsas it happens all over the world.

Another very important change has taken place in the UK’s coins. 1984when Mezzo BeniThen arrive.euroThe English immediately avoided it and returned it definitively to the sender with that desire for autonomy called Brexit. A clear message that the United Kingdom wanted to send to the world: the monarchy and the pound sterling are untouchable to Her Majesty’s subjects.

Maximum cash out

Selection of Treasury officials United kingdom The cessation of printing of 1 and 2 pence coins by the National Mint will result in cash payments being fixed in multiples of 5 pence. This, as we have said, is an important step towards this.Completely abandon criticismHowever, this process still suffers from some limitations and obstacles. In fact, a completely cashless society would endanger the most vulnerable groups and the elderly, who are usually less accustomed to technological innovations. This element in particular would push these groups of people to remain strongly attached to cash.