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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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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.

Small denomination coins could be phased out under plans being considered by the UK government. £ 50 notes could also be phased out in plans to tackle money laundering. LONDON – The UK government is considering phasing out 1 p and 2 p coins , as well as £ 50

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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Coppers , and the £ 50 note , could soon be finished. The Treasury has launched a consultation to find out how people feel about the idea. Our ancient national heritage since 1971, you mean, when the term “new pence” was invented and 2 p coins were introduced?

If the notes did go out of circulation, they could one day be worth a small fortune - far more than their original value. Old coins and notes have been selling for thousands of pounds at auction, but it's not just any old coin that will be worth something more. These are the most valuable and rarest 50 p

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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1 p coin . As you can see in my objectively correct, no-take-backs list, the coppers are the crappest ones. The Treasury will be reviewing the use of these dickhead coins as well as other dumb currency like the £ 50 note , after research suggested that 60% of UK 1 p and 2 p coins are only used once

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.

NOW SEE: Check your wallet! UK notes and coins that are worth a small fortune (Lovemoney)

Windfall in your wallet: Believe it or not, there are millions of notes and coins in circulation right now that are worth far more than their face value. As the new Jane Austen £10 enters circulation, there will inevitably be some valuable notes hitting the streets. We've rounded-up some of the most valuable UK examples, from the Kew Gardens 50p to some very rare new £5 notes, plus what to look out for on the new tenner. Everyday UK notes and coins worth a small fortune


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