Pre-1992 one and two pence coins made from 97 per cent copper are worth more than their face value in scrap metal terms, according to coin experts consulted by This is Money. However, melting them down remains illegal under UK law.
The question was raised by a reader who holds a jar of 1p and 2p coins spanning the 1970s, 80s and 90s, and asked whether rising copper prices meant the coins' scrap value now exceeded their face value. Helen Kirrane of This is Money took the question to Gregory Edwards, a coin expert at auctioneers Spink, and Philip Mussell, director of coin news publication Token Publishing.
The 1p coin was one of three new coins introduced into general circulation in February 1971, when the United Kingdom adopted its decimal currency system, alongside the 1/2p and 2p coins. One and two pence coins minted between 1971 and 1991 were made of 97 per cent copper, before rising metal prices led the Royal Mint to switch to steel. Coins minted after that point were only copper-plated.
The future of the 1p and 2p coin was thrown into further doubt after it emerged in July 2024 that the Treasury had not ordered any new coins to be minted by the Royal Mint and did not expect to order any 1p or 2p coins in the coming years.
Which coins are worth the most
Coins from the 1970s, 80s and early 90s carry the highest copper content, along with a 1998 two pence piece that was struck in copper. One particularly valuable coin is the 1983 "New Pence" 2p, which can be worth up to £1,000. The 2p design was changed from reading "New Pence" to "Two Pence" in 1982, but a small number of 1983 coins were mistakenly struck with the old wording.
How much are the copper coins worth
Edwards said pre-1992 copper coins, made from the 97 per cent copper blend, have been worth more than their face value for some time. He said the intrinsic content is roughly 100 per cent above face value for both the penny and the two pence, meaning a 1p could be worth 2p and a 2p worth 4p.
Mussell said the copper price is higher than it has been for a while, averaging around £5.50 per kilo, though prices vary by type. A 1p coin weighs 3.56 grams and a 2p weighs twice that at 7.12g, a legacy of the era when a coin's weight reflected its metal value. It takes 280 1p coins or 140 2p coins to make a kilo.
Mussell said a kilo of copper 1p or 2p coins has a face value of £2.80 but a scrap value of £5.50, meaning a theoretical profit of £2.70 per kilo at current prices. That would give a pure copper penny a value of 1.958p and a two pence a value of 3.916p, he said. But he noted the coins have not actually been pure copper since 1860, when the mix changed to bronze, an alloy of around 88 per cent copper and 12 per cent tin. That means the coins are worth only 88 per cent of what they would be as pure copper, and in practice less still, since bronze often contains other metals and may require processing, which reduces scrap value further.
What can you actually do with the coins
Edwards said that under Section 10 of the 1971 Coinage Act, it is illegal to melt down or break up any metal coin currently in circulation, or any coin that ceased to be current after May 16, 1969, unless the Treasury has granted a licence. Melting the coins down would therefore be a criminal act, he said.
Edwards added that scrap metal merchants typically buy and sell copper by the kilo and ton in dirty or refined form, so a substantial sum of coins would be needed to make scrapping worthwhile even if it were legal.
Mussell said most large scrap dealers are not interested in handling a kilo or two of copper at a time, since they typically deal in tons of metal daily. He said that after sorting coins to confirm they are pre-1992 and finding someone willing to take a few kilos of bronze, sellers are likely to be turned away once the buyer realises the coins are current UK coinage. In his view, the hassle is not worth it.
