The Treasury has shared whether 1p and 2p coins would be phased out of circulation after reports suggested they could be under threat.

Articles from several publications said that the Treasury had made no new orders for 1p or 2p coins to the Royal Mint this year, and questioned if the coins could eventually be removed from circulation.

However, a spokesperson for the Treasury has denied that the copper coins would be scrapped.

Speaking to BBC News they shared that the lack of orders was due to enough coins already in circulation.

It is also estimated that there are currently around 27 billion coins in circulation in the UK.

"We are confident there are enough coins in the system without the need to order more this year," they added.

The Financial Conduct Authority (FCA) has also laid out plans to protect consumers' and small businesses' access to cash.

The Standard reported it was using new powers to force banks and building societies to assess gaps in access to cash across regions and keep facilities, including bank branches and ATMs, open until additional cash services become available.

Sheldon Mills, executive director of consumers and competition at the FCA, said: “Three million people continue to rely on cash, even as digital payments become more popular. And many small businesses still need somewhere to safely deposit their takings each day.”

How do the Treasury decide on coin orders?

The Treasury calculates how many coins are needed and orders new stocks from the Royal Mint, which produces coins.

Typically, coins are in circulation for decades so there are some years when the Treasury doesn't need to order any.

There were several years in the early 1970s and early 1980s when no 2p coins were produced.

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No 1p or 2p coins were produced in 2018 and then-Chancellor Philip Hammond launched a consultation on the future of cash.

However, the following year the Treasury said they would continue to be used "for years to come".

The last time a coin was taken out of circulation was the half-penny back in 1984.