We will miss 1p and 2p coins when they’re gone

It doesn’t buy anything anymore. It is not enough to put into a charity box, and it just takes up space in your pocket or a purse. On one level, it will save us all a lot of trouble when one penny and two penny coins finally become extinct. The Treasury has told the Royal Mint not to make any new ones this year; and although there are plenty behind a sofa somewhere, this means they could eventually vanish completely. We will miss them when they are gone. 

Rachel Reeves, the new chancellor, is keener on increasing government budgets than reducing them. One cut that may well be made, however, is scrapping the smaller coins. Indeed, over the next few years, we may stop minting new coins completely. There are an estimated 27 billion of them in circulation, so they will still be around for a while. But like clamshell phones or typewriters they will gradually fade away.