For the first time in decades the Royal Mint last year produced no new 1p or 2p coins. This is the first time since 1972 that no new 1p coins have been struck and since 1982 that no new 2p coins were made. The future of these copper coins, a staple of very many public fundraising collections over the years, has been the subject of debate for some time, given the cost of producing them, their diminished purchasing power and the rise in contactless and other non-cash payments.
Scrapping the copper coins?
Last year the Treasury consulted on scrapping 1p and 2p coins but within 24 hours the Chancellor had confirmed that the coins would not be scrapped following negative media coverage. According to the BBC, “six in 10 of UK 1p and 2p coins are only used once before being put in a jar or discarded. Meanwhile one in 12 is thrown into a bin”. The coins have little purchasing power these days: indeed, “the 1p coin is now worth less than the halfpenny when it was abolished in 1984″ according to the same article. Many charities are fearful of the 1p and 2p coins being scrapped as they are generally known for being used for small cash donations in charity boxes. There are many theories and opinions that if the copper coins were to be faded out of circulation that charities would see a significant decline in donations.
The Future of Fundraising
With the future uncertain for the copper coins, charities need to ensure they are able to fundraise without relying on donations. This is where a charity lottery could be an ideal solution. A charity lottery is a method of fundraising more and more charities are looking into. Not only does it help the charity bring in more money. But it also gives their supporters an opportunity to win something for themselves too. Whilst charities can run their own lottery, they can be complicated to run, the draw needs organising, the prizes need to be arranged, players details need to be taken, the list goes on! This is where external lottery managers step in. An external lottery manager will organise the entire lottery for your charity, all you need to do is get supporters to sign up.
Your Own Lottery?
If you are interested in starting a lottery for your charity, please get in touch today.