And finally…end is nigh for 1p and 2p coins

While stressing that there are no immediate plans to scrap any denominations, the Treasury is calling for feedback on the issue as part of an investigation of cash and digital payments, outlined during yesterday’s Spring Statement.

Cash has fallen from being 62 per cent of all payments by volume in 2006, to 40 per cent in 2016, and is predicted to fall to 21 per cent by 2026.

Many countries - including Canada, the home of the current Bank of England governor Mark Carney - have ditched their low denomination coins, while Australia, Brazil, and Sweden are among many others to do so.

The Treasury says six in 10 1p and 2p coins are now used just once before making their way into a saving jar, and in one in 12 of these cases, the coins are just thrown in the bin.

The £50 note’s days may also be numbered, with the Treasury pondering its future, too, as the denomination is rarely used for purchases and has been linked with money laundering and tax evasion.

“From an economic perspective, having large numbers of denominations that are not in demand, saved by the public, or in long-term storage at cash processors rather than used in circulation does not contribute to an efficient or cost effective cash cycle,” says the consultation document.