How much physical bank notes and coins are actually in the UK?
Answers (1)
Figures for the exact number of notes and coins in circulation don’t seem to be published, although according to the Bank’s Head of Notes division the number of notes is about 2.6 billion.
According to the Royal Mint, the total number of coins in circulation in the whole UK is about 28 billion. This includes around 30 or 40 million pound coins, and with smaller coins the number should be much higher. So if we take the respective estimates of 2.6 billion and 28 billion as correct we can assume that the total circulation for the whole UK is somewhere around 30-31 billion.
Probably you can never get an exact number of notes and coins in circulation in any country at any one time, because money goes out of circulation all the time through damage, wear and tear etc, so these are just the best estimates provided by people working in the relevant sectors.
To find the figures for England, for example, you tick the box which shows the yearly growth rate (presented weekly) for circulation outside the Bank of England. You can then go to the bottom of the page and click the box that says ‘show data’. Then choose the dates you want and the format in which you would like it displayed, and eventually you can download a spreadsheet, table or whatever with the required information. You can do the same for other parts of the UK not included in the Bank of England figures.
So in this way you can find out the number of notes and coins that are put into circulation every week or month.
One reason why it can be difficult to know exactly how many notes and coins there are is the continuing problem of forgery. In 2009 there were well over half a million forged notes in the country - most of these were £20 notes, in fact warnings were issued at the time for retailers to check all £20 notes carefully – so for every 5000 notes one was a counterfeit. For coins the figure is much higher; in the same year it was estimated that almost three in every 100 pound coins was forged. Forged versions of smaller coins exist too, but of course it’s much less profitable to produce these and so it is done much less often.
Fake notes and coins often remain undetected until they reach a bank, which eventually all money should do. Banks have special machinery to detect forgery, and the money is then taken out of circulation.
If you want more detailed information about currency in the UK it would be a good idea to contact the Bank of England directly. You can find a contact section on the top right, or if you click on the Education and Museum information on the left you will also find ways of getting further information. The Royal Mint website is also helpful and it is worth contacting them if you would like to find out more about how coins are made and circulated.
Related Questions