Ever heard about the world's smallest coin, so tiny that some of its details can’t be seen with the naked eye? Or who was one of the great masterminds behind perfecting the coin we know and admire today? (Clue: he's a fan of apples!) Here author and money expert, Kalpana Fitzpatrick, shares seven fun and fascinating facts about money from her new book, Get To Know: Money.

Get To Know: Money

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1. A new face on UK coins

Coins and notes often have images on them that show a country’s identity. For most of us in the UK, one figure we’ve all been familiar with is that of the Queen. But this year, you may notice new coins featuring King Charles III. Around 4.9 million 50p coins featuring King Charles entered circulation from December 2022 - have you spotted one? The King’s portrait faces to the left, the opposite direction to that of Queen Elizabeth II. Notes featuring the monarch are likely to be seen next year, mid 2024.

2. What are 1p and 2p really made out of?

1p and 2p coins are often referred to as coppers because it is assumed they are made of copper. This used to be the case when they were minted in 1971, with 97% composite of copper. But, since 1991, copper became too expensive and now they are mostly made of steel with a copper plating.
 

3. Don’t spend all your pennies at once

You know what they say, every penny adds up to make a pound. Well, while that may be true, you may be disappointed to discover that 1p and 2p coins are only a legal tender for any amount up to 20p. Basically, this means that if you want to spend say 100 1p coins, the retailer does not have to accept the coins for anything above 20p.

4. How much cash is circulating in the UK?

According to the Bank of England, there are over 70 billion pounds worth of notes currently in circulation, and according to The Royal Mint, there are approximately 29 billion coins in circulation. While we may not use cash as often, it still plays an important and useful role in society and many people still rely on that as a payment method.
 

5. World’s smallest coin

The world’s smallest coin was issued in 2020, featuring the well-known image of Albert Einstein sticking his tongue out. It was a ¼ franc in Switzerland weighing just 0.063g. You can see an image of it in Get to Know Money.

6. Master of the Mint

You’re most likely to know of Isaac Newton for formulating the theory of gravity, but did you know he was also the mastermind behind perfecting coins in the UK. As Master of the Mint at The Royal Mint (which makes British coins) in 1699, he helped make sure coins were made to standard and quality that could not be forged. The coins made under his supervision would be admired by the rest of the world - and to this day, they are indeed coins of admiration.
 

7. What's in a name?

Money doesn’t just come in many shapes and sizes, it also has many names. Here are some other ways money is referred to…dosh, moolah, bucks, assets, loot, dough, pesos, wad, and dollars. Can you think of any more?

Discover more jaw-dropping facts and fascinating information about money in Get To Know: Money.

Get To Know: Money

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Ready to test your knowledge on this fascinating subject?

Know which tree was used to make the first ever paper banknote? Or what the rules of investing are? Delve deeper into the world of money and put your knowledge to the ultimate test with these fun Kahoot quizzes for kids.