The long term effects of inflation have left us with a debased coinage that is overdue for reform. Our highest denomination circulation coin – the £2 piece – is no longer even capable of buying a copy of the Sunday Times or a Starbucks coffee. Lower denominations are fast becoming functionally useless. Rishi Sunak’s COVID-19 stimulus programme represents money printing on an unprecedented scale and this heaps further inflationary pressure into the system. Contactless payments are on the rise and without some drastic action coin use may become obsolete. What should the Royal Mint do? Perhaps go back to basics rather than deluging us with yet more “collectible” and “commemorative” offerings.
