MercoPress. South Atlantic News Agency

Falklands favors removal of 1p and 2p from circulation and a new set of banknotes

The one and two pennies coins which according to the survey most respondents agreed should be removed from circulation

From 6 November to 17 December 2023, the Treasury Department ran two consultations regarding changes to Falkland Islands currency: One on a proposal to withdraw low value 1p and 2p coins and the other on preferred themes and imagery for a new set of Falkland Islands banknotes.

Headline Data:

In total, 101 surveys were returned on the withdrawal of low value coins and 84 surveys were returned on banknote designs.

Low Value Coins:

• 71% of respondents believed 1p and 2p coins should be removed from circulation

• 37% of respondents at least “sometimes” use 1p and 2p coins to pay for goods and services, with 63% of respondents “rarely” or “never” using these coins

Banknotes:

• Respondents were asked to rank various themes by popularity and then provide imagery within those themes. The overall theme rankings from most popular to least were:

1. Native Plants & Animals

2. Camp Life

3. Historic Landmarks

4. Shipwrecks & Maritime

5. Important Historical Figures

• The single most popular thematic element was Plants and Flowers, such as the Pale Maiden.

• 87% of respondents favored different designs printed on notes of different values, as opposed to having the same design on all notes

Full reports from both surveys can be found on: https://www.falklands.gov.fk/policy/consultations

Next Steps

Following the survey results, the Treasury Department will develop and in due course present a paper to ExCo looking to withdraw the 1p and 2p coins from circulation. If agreed by ExCo, further engagement with both the public and retailers will be undertaken in preparation for the withdrawal.

A manufacturer has been approached by the Treasury Department to produce a new full set of Falkland Island bank notes. These new notes will incorporate the themes that were identified in the survey. The discussions are at an early stage but it is hoped that a proposal can be put before ExCo within the next couple of months.