• Welcome to DOSBODS

    Please consider creating a free account to be able to access all the features of the DOSBODS community. It only takes 20 seconds!

Sign in to follow this  
One percent

The concept of needing to spend a penny to be confined to the dustbin of history

Recommended Posts

https://www.bbc.co.uk/news/business-48082984

Chancellor Philip Hammond will this week rule on the future of 1p and 2p coins, a year after he called them "obsolete".

In his Spring Statement in 2018, a Treasury consultation about the mix of coins in circulation appeared to pave the way for the end of both of them.

swift reverse by the Prime Minister's official spokesman declared there were no plans to scrap the copper coins.

The Treasury has declined to comment on a report that there will be a reprieve.

But it confirmed that "the result of the review will be announced shortly".

The Mail on Sunday quoted a government source as saying: "We will confirm the penny coin won't be scrapped."

That Treasury consultation document said surveys suggested six-in-10 of UK 1p and 2p coins were only used once before being put in a jar or discarded, while one-in-12 were thrown into a bin.

Share this post


Link to post
Share on other sites

The lowest ever domination coin in circulation as a fraction of the pound was the quarter farthing circa 1850. That's one sixteenth of an old penny times 240 equals 3840 to the pound. However, factor in inflation of 127 times and the quarter farthing was worth over three newpence in 2019 terms. Never have we had a more worthless coin in circulation.

 

Share this post


Link to post
Share on other sites
Posted (edited)
9 minutes ago, Calcutta said:

I've got 20 years worth I've been saving up for the day when they're no longer legal tender and I can sell them for scrap value.

I've just looked into that. I believe you need 142 2 pence pieces  to get a kilo of copper, but they need to be pre 1992. Copper scrap £3.50 to £6.00 per kilo against £2.84 spending power. Very marginal at the lower end.

Edited by crashmonitor

Share this post


Link to post
Share on other sites
Posted (edited)

Not sure it is necessary to keep the 5p either..   what can you buy now for 5p or even 10p for that matter?

The halfpenny was withdrawn in 1984 when it was worth the equivalent of 20p today.

Edited by Libspero

Share this post


Link to post
Share on other sites

Tbf I was told years ago that hey weren't even real copper so it was pointless, but throwing them in a draw, box or wherever is easier than binning them so here I am.

Share this post


Link to post
Share on other sites
6 minutes ago, Panther said:

Has anyone realised that doing away with coppers means xx.95 replaces xx.99?

They did away with small change in Ireland a few years ago, things are still priced x.99 

Purchase 5 things at 99p and it works fine, buy one and it's £1

Share this post


Link to post
Share on other sites
1 minute ago, Libspero said:

Not sure it is even necessary to keep the 5p either..   what can you buy now for 5p or even 10p for that matter?

The halfpenny was withdrawn in 1984 when it was worth the equivalent of 20p today.

The problem as I see it is that the penny is part of our culture and history. I’m not sure it’s a good thing. 

I blame the EU. Moving to decimalisation devalued the pound massively 

Share this post


Link to post
Share on other sites

Good news for me that 2p and 1p coins are safe for now. I’m a coin spotter and pick coins up off the street. Just a little hobby inspired from the other site. I’ve added £75 to my premium bond holding over the last couple of years from coins picked up as I walk around. Since mid February I’ve collected £13.06.

Lots of coins I pick up are 1p, 2p then 5p is the next most common. Frequently £1 coins, a good number of 20p’s, many less 10p and only occasional 50p. Yesterday I picked up my second £2 coin

 

Share this post


Link to post
Share on other sites
3 minutes ago, Libspero said:

Not sure it is necessary to keep the 5p either..   what can you buy now for 5p or even 10p for that matter?

The halfpenny was withdrawn in 1984 when it was worth the equivalent of 20p today.

It's just over 3 times since 1984 so 1.5p.

Share this post


Link to post
Share on other sites
3 minutes ago, crashmonitor said:

It's just over 3 times since 1984 so 1.5p.

Beg your pardon,  I missed the decimal place.

We are overdue some larger bank notes though.

The £50 note was introduced in 1725,  when it was worth the equivalent of around £12,000 today (if I've got the math right this time)..  where is our current £10,000 bank note?

Share this post


Link to post
Share on other sites
9 minutes ago, gilf said:

They did away with small change in Ireland a few years ago, things are still priced x.99 

Purchase 5 things at 99p and it works fine, buy one and it's £1

So how does that work when legal tender still includes 1 and 2 cent coins, so you can actually pay 99?

Share this post


Link to post
Share on other sites
19 minutes ago, Panther said:

So how does that work when legal tender still includes 1 and 2 cent coins, so you can actually pay 99?

https://www.irishtimes.com/news/consumer/government-confirms-end-of-1c-and-2c-coins-1.2251601

It might be priced 99c but it's rounded automatically, so it's not actually 99c. This of course is for cash only, debit or credit card transactions are priced accordingly. 

Don't live there full time so never have enough 1 and 2 cent coins to know if they would take them and of course won't ever been given them in change to know in the future.

 

Share this post


Link to post
Share on other sites
39 minutes ago, Bakez said:

They will just do what happens in Denmark

Everything will get rounded to the nearest 0.1

I look forward to the dawn of the .9 shop.

Share this post


Link to post
Share on other sites

On a similar theme I read somewhere that they're very soon going to start introducing plastic only payment for some car parks.  I don't know for sure but I expect devices like NFC phones might be accepted.

Cash not allowed.

Share this post


Link to post
Share on other sites

They will go the way of the Farthing through inflation.

For those who don't know what a fartything was it as 1/4p.

Before that other coins bit the dust, including  the half farthing and the third farthing.

A third farthing was 1/2880th of an imperial £1.

Now remember Before 'Decimal Day' in 1971, there were 240 pence in one pound sterling.

So it gets worse as a third farthing is worth 1200th of a metric £1.

So the smallest coin from nearly 200 years ago 12x smaller than the current 1p.

Please correct my maths if you are autistic enough.

https://en.wikipedia.org/wiki/Farthing_(British_coin)

http://www.coinsgb.com/William_IV/0-William-IV.html

Share this post


Link to post
Share on other sites
3 minutes ago, twocents said:

On a similar theme I read somewhere that they're very soon going to start introducing plastic only payment for some car parks.  I don't know for sure but I expect devices like NFC phones might be accepted.

Cash not allowed.

I found myself in Leicester the other week. Needed to get to an appointment but the machine wouldn’t take cash. It took me 20 minutes to pay by card/phone. I was late for my appointment. Twats 

Share this post


Link to post
Share on other sites
51 minutes ago, Libspero said:

Not sure it is necessary to keep the 5p either..   what can you buy now for 5p or even 10p for that matter?

The halfpenny was withdrawn in 1984 when it was worth the equivalent of 20p today.

I hate 5 pence coins, they are far too small and I find them difficult to pick up if I drop one.

Share this post


Link to post
Share on other sites
8 minutes ago, M S E Refugee said:

I hate 5 pence coins, they are far too small and I find them difficult to pick up if I drop one.

Stop biting your finger nails then!

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.