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Money 1p and 2p copper coins and £50 notes could soon be phased out in the UK

17:42  14 march  2018
17:42  14 march  2018 Source:   msn.com

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Copper coins Getty. Small denomination coins could be phased out under plans being considered by the UK government. 60% of small coins are used once before being put in piggy banks or thrown away.

The UK government has begun consulting on phasing out small denomination ' copper ' coins . 60% of small coins are used once before being put in piggy banks or thrown away. £ 50 notes could also be phased out in plans to tackle money laundering.

a close up of a coin: copper coins phased out © Provided by Business Insider Inc copper coins phased out
  • Small denomination coins could be phased out under plans being considered by the UK government.
  • 60% of small coins are used once before being put in piggy banks or thrown away.
  • £50 notes could also be phased out in plans to tackle money laundering.

LONDON - The UK government is considering phasing out 1p and 2p coins, as well as £50 notes, in a bid to tackle tax evasion, money laundering and waste.

The Chancellor Philip Hammond has begun consulting the British public about whether to phase out the denominations over the coming years as part of a move towards digital payments.

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Treasury says copper coins and £ 50 note are used infrequently in era of digital payments. The Royal Mint, which produces the UK ’s notes and coins , needs to issue more than 500m 1 p and 2 p coins each year to replace those falling out of circulation.

1 p and 2 p copper coins and £ 50 notes could soon be phased out in the UK http://read.bi/2FGL6Z4 pic.twitter.com/rn3G5MTWd0.

The Treasury published a "call for evidence" on the proposed changes on Tuesday, saying that currently most small denomination coins are only used once before being put in piggy banks or thrown away.

"Surveys suggest that six in ten 1p and 2p coins are used in a transaction once before they leave the cash cycle," the document states.

"They are either saved, or in 8% of cases are thrown away."

The government is also considering phasing out £50 notes due to their widespread use in money laundering.

"The £50 note is believed to be rarely used for routine purchases and is instead held as a store of value," according to the Treasury.

"There is also a perception among some that £50 notes are used for money laundering, hidden economy

activity, and tax evasion."

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The UK government is currently considering phasing out some lesser-used denominations of currency, such as 1 p and 2 p coins , as well as £ 50 notes . Studies suggest that most people don’t use 1 p and 2 p coins .

Around six in 10 of 1 p and 2 p coins are believed to be used just once before they are put into saving jars ( Getty ). Copper coins and £ 50 notes could be In order to replace them, the Royal Mint needs to produce more than 500 million 1 p and 2 p coins each year to replace those that fall out of circulation.

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