Millions of UK Coins Shelved in Warehouses

The UK banking system is reported to be storing indefinitely around £4 million worth of unwanted copper coins.

New industry data shows that around 260 million surplus coins are being stored, including two thirds of all the 225 million 2p coins in the UK as well as 110 million 1p coins. The surplus of both now exceeds the amount in circulation.

Surveys suggest that more than half of these that enter circulation are used just once before ending up in storage, while one in 12 are thrown away.

The Royal Mint has not recycled or melted down surplus coins since it closed its smelting facility more than a decade ago and only accepts damaged coins collected by banks.

There are an estimated 27 billion coins in circulation, but the UK Treasury says it has ‘no plans’ to change the mix of UK coins in the system.

30 million 1p coins were minted in 2022 and none in 2023, while no 2p pieces have been minted since 2021. More than 1 billion pennies were minted in 2000.