Business & Finance

1 and 2 pence coins

Since when has the ferrous content of these coins been increased and for what reason?

leigh47 Thurs 04/09/08 13:56

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kempie
Thurs 04/09/08
14:12

"Traditionally bronze coins were made from an alloy of copper, tin and zinc. Since September 1992, however, 1p and 2p coins have been made from copper-plated steel. The change was made because of the increasing price in world markets of base and non-ferrous metals. The copper-plated coins are the same colour, weight, diameter and design as those struck in bronze and circulate alongside them. There is one notable difference. Copper-plated coins are attracted to magnets because of the iron content of the steel core, whereas bronze coins are not magnetic.

In 1998, 2p coins were struck in both copper-plated steel and bronze. We may decide to do this again because, by having this flexibility to produce in either material, the Royal Mint can better meet customer needs promptly and cost effectively."

http://www.royalmint.gov.uk/Corporate/corporat e_faqs.aspx

buildersmate
Thurs 04/09/08
17:00

In short, if not made principally from iron, the value of the metal would be worth more than the value of the coin.
And crooks would melt them down for the metal value - just like the Mafia used to do in Italy

leigh47
Fri 05/09/08
22:37

Question Author

Thank you both Kempie and Buildersmate.Just what I wanted to know.

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