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In many countries around the world, the basic unit of the currency concerned (Penny, cent, etc) has long since become obsolete, the coins withdrawn from circulation and prices "rounded" up or down accordingly.
The reasons are that the denominations at the bottom end of any currency have become relatively expensive to produce, considering their minimal purchasing power (if any).
The Royal Mint sought to reduce production costs in the early 1990's by manufacturing 1 and 2 Penny coins from steel instead of the relatively expensive significantly copper based bronze alloy.
Many countries that have not followed this trend, such as Britain, have not done so because of the dreaded inflationary effects of rounding values up to the next 5 Pence.
It is very likely that if the Penny disappears from the British currency at any time in the future, the Two Pence coin will also disappear at the same time for the same reason.
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