Cost of coins to be slashed with introduction of nickel and steel

Copper coins will be phased out to reduce manufacture costs and increase coin longevity. Cheaper coins will be manufactured using cost-effective metals that last longer next year. The cost of coin production is to be cut by using steel and nickel plating instead of copper, this weeks' Spending Review has revealed. Chancellor George Osborne announced the cost-cutting move on Wednesday, which will reduce coin manufacture expenses by £10 million a year. The price of copper, the traditional material used to make UK coins, has increased due to an increase in demand from the Asian countries of India and China, who make their state coinage out of a cupro-nickel compound.