No matter that there are more than 11 billion in circulation, a growing number of Britons think we can do without one of the oldest coins in our history.
Canada has already ditched its cent (known as a penny) — following similar moves in Australia and New Zealand to abolish their low-denomination coins. The Canadian finance minister said: ‘The penny is a currency without any currency. Financial institutions face increasing costs for handling, storing and transporting pennies. Over time, the penny’s burden to the economy has grown relative to its value as a means of payment.’