The 1p and 2p pieces, and £50 notes, have been saved after the government ditched proposals to kill them off.

The Treasury announced on Saturday that the coins and notes will remain in circulation. The £50 notes will be reprinted in polymer form, like the new £5 and £10 notes.

It had consulted the public over the future of the three cash forms, questioning whether there was enough demand for them. The consultation was seen by some as potentially paving the way to get rid of them.

But a Treasury spokesman told the Standard the public were “overwhelmingly” in favour of keeping the current mix of coins and notes.

The government had faced a particular backlash for questioning the future of the 1p and 2p coins, with many people claiming charities would be harmed.

Others said it would “ruin fun” – such as dumping coins in slot machines in seaside towns.

The £50 note will remain in circulation, and will be printed in new polymer form (Peter Byrne/PA )

Meanwhile, the consultation found demand for £50 notes was in fact “continuing to rise”. There are 330 million in circulation.

The Treasury announced new polymer notes will be printed to accompany the new form of £5, £10 and upcoming £20 notes. It said this will increase the security of UK currency, making notes more durable and harder to forge.

Robert Jenrick, exchequer secretary to the Treasury, said: “Our coins and notes are respected and recognised the world over and are a key part of the UK’s heritage and identity.

“People should have as much choice as possible when it comes to their money and we’re making sure that cash is here to stay.

“Our money needs to be secure and this new note will help prevent crime. This modern £50 note follows the popular new pound coin, which is the most secure of its kind in the world.”

“At the Bank, we are committed to providing the public with high quality notes they can use with confidence. Moving the £50 note onto polymer is an important next step to ensure that we can continue to do that.”


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