Treasury looks at 'cheaper' coins

THE Treasury has said cheaper versions of 5p and 10p coins could be brought in despite opposition from the vending machine and parking meter industries.

The proposed change would save the Royal Mint 8 million a year as the "silver" coins would be made from steel instead of cupronickel, an alloy of copper and nickel. As the price of copper has risen and the alloy-making process is costly, the change has been considered but not confirmed. Vending machines and parking meters would need to be adapted. A Treasury spokesman said: "The proposal to make new coins out of nickel-plated steel rather than a cupronickel alloy is one of many measures being considered with a view to reducing the fiscal deficit."