Philip Hammond to decide on future of 1p and 2p coins

Money, investing, mutuals etc
Fuggsy
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Re: Philip Hammond to decide on future of 1p and 2p coins

Post by Fuggsy » Mon Apr 29, 2019 8:34 am

A possible downside is that they won't end up in charity boxes.

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Re: Philip Hammond to decide on future of 1p and 2p coins

Post by William Joseph1 » Mon Apr 29, 2019 8:46 am

Fuggsy wrote:
Mon Apr 29, 2019 8:34 am
A possible downside is that they won't end up in charity boxes.
Possibly the biggest downside of their disappearance if they do go.
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Re: Philip Hammond to decide on future of 1p and 2p coins

Post by Dream on » Mon Apr 29, 2019 9:54 am

expressman33 wrote:
Sun Apr 28, 2019 10:46 pm
William Joseph1 wrote:
Sun Apr 28, 2019 3:12 pm
expressman33 wrote:
Sun Apr 28, 2019 2:58 pm
What will happen to the 2p and 3p daily clicks ?
Why should anything happen to them? its the coins that might or might not disappear not the value.
We got rid of the 0.5p and the "value".
Incorrect. Garages still charge in fractions of a "p". As you are a non driver perhaps you had not realised.
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Re: Philip Hammond to decide on future of 1p and 2p coins

Post by expressman33 » Mon Apr 29, 2019 10:14 am

Dream on wrote:
Mon Apr 29, 2019 9:54 am
expressman33 wrote:
Sun Apr 28, 2019 10:46 pm
William Joseph1 wrote:
Sun Apr 28, 2019 3:12 pm
Why should anything happen to them? its the coins that might or might not disappear not the value.
We got rid of the 0.5p and the "value".
Incorrect. Garages still charge in fractions of a "p". As you are a non driver perhaps you had not realised.
William Joseph1 wrote:
Sun Apr 28, 2019 3:12 pm
You will still be able to pay £10.03 by credit or debit card or by cheque if you still use them.

When you put petrol in your tank the charge goes up in 1p increments and the total bill is never to the nearest 0.5p even if you pay by card or cheque

It's the same with Electricity and Gas unit charges
Last edited by expressman33 on Mon Apr 29, 2019 10:25 am, edited 1 time in total.
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Re: Philip Hammond to decide on future of 1p and 2p coins

Post by Chadwick » Mon Apr 29, 2019 10:24 am

expressman33 wrote:
Sun Apr 28, 2019 10:46 pm
We got rid of the 0.5p and the "value".
Not entirely. We stopped using a halfpenny in retail shops where it might have required us to hand over a coin. But petrol stations have continue to use fractions of a penny, gas and electricity are priced in fractions of a penny, and so are some stocks and shares. I'm sure there are other examples. The final amount is rounded to the nearest penny, but it is first calculated using the sub-penny fractions.
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Re: Philip Hammond to decide on future of 1p and 2p coins

Post by William Joseph1 » Mon Apr 29, 2019 10:35 am

expressman33 wrote:
Mon Apr 29, 2019 10:14 am
Dream on wrote:
Mon Apr 29, 2019 9:54 am
expressman33 wrote:
Sun Apr 28, 2019 10:46 pm
We got rid of the 0.5p and the "value".
Incorrect. Garages still charge in fractions of a "p". As you are a non driver perhaps you had not realised.
William Joseph1 wrote:
Sun Apr 28, 2019 3:12 pm
You will still be able to pay £10.03 by credit or debit card or by cheque if you still use them.
When you put petrol in your tank the charge goes up in 1p increments and the total bill is never to the nearest 0.5p even if you pay by card or cheque

It's the same with Electricity and Gas unit charges
My supplier charges in units of a "p" and carries over the fraction to the next statement if not an exact penny. So no rounding up or down by them.
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Re: Philip Hammond to decide on future of 1p and 2p coins

Post by expressman33 » Mon Apr 29, 2019 10:36 am

Chadwick wrote:
Mon Apr 29, 2019 10:24 am
expressman33 wrote:
Sun Apr 28, 2019 10:46 pm
We got rid of the 0.5p and the "value".
Not entirely. We stopped using a halfpenny in retail shops where it might have required us to hand over a coin. But petrol stations have continue to use fractions of a penny, gas and electricity are priced in fractions of a penny, and so are some stocks and shares. I'm sure there are other examples. The final amount is rounded to the nearest penny, but it is first calculated using the sub-penny fractions.
As you say , you always see final total to the nearest 1p - If we get rid of the 1p and 2p ,will the final total for cash be to the nearest 5p ( probably rounded up )?
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Re: Philip Hammond to decide on future of 1p and 2p coins

Post by blythburgh » Mon Apr 29, 2019 11:04 am

I agree that prices will rise and one of the biggest losers will be charities. People drop the coppers in the box on the counter.

Then there are the people who pop them into a jar. Mine go up to the corner shop which is always grateful for them. But I do sort them out and into round pounds. Others save them up and take them to the supermarket where they are changed into bigger coins though naturally you do not get £10 for £10 worth of change.

Better to pay the money into your bank account but the poorest and most needy are the ones least likely to have a bank account of course.
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Re: Philip Hammond to decide on future of 1p and 2p coins

Post by rayf » Mon Apr 29, 2019 11:30 am

what will happen when the pound is worth 5 euros? (optimistic) One penny will then be worth 5 cents - 5p will be worth 25 cents - so rounding up will be an even bigger problem.

Getting rid of these coins is just another stupid way to devalue the pound!!

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Re: Philip Hammond to decide on future of 1p and 2p coins

Post by blythburgh » Mon Apr 29, 2019 11:32 am

Maybe he will say "this will not affect the pound in your pocket" :lol:
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