Egypt introduces new 2-pound coin, updates circulating coins

The Egyptian Treasury and Mint Authority will introduce a new two-pound coin as part of a plan to update circulating coins while keeping current denominations in use without cancellation.

Gamal Hussein, Head of the Authority, said on Wednesday that the plan retains all existing coins, led by the one-pound coin, which will be issued with updated specifications to improve efficiency and quality.

The metal composition of some coins, especially the one-pound coins, will be updated using cost-effective materials that balance face value and production costs, reduce illegal melting and trading, and support smoother transactions.

Current denominations, including the quarter-pound, half-pound, and one-pound coins, will continue in circulation as essential components of the small-change system. The authority will ensure adequate quantities of all coins in the market, particularly in high-density areas with frequent daily transactions.

Hussein added that these measures are part of a comprehensive plan to develop the auxiliary coin system, enhance operational efficiency, and maintain a steady supply of coins to facilitate daily transactions.

Attribution: Amwal Al Ghad English