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

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

Post by blythburgh » Mon Apr 29, 2019 11:33 am

Younger members are now scraching head and wondering what my post is about and I am showing my age :lol:
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Re: Philip Hammond to decide on future of 1p and 2p coins

Post by William Joseph1 » Mon Apr 29, 2019 12:12 pm

Maybe he will say we are keeping them. It is a proposition at the moment only.
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Re: Philip Hammond to decide on future of 1p and 2p coins

Post by expressman33 » Mon Apr 29, 2019 12:23 pm

Dream on wrote:
Mon Apr 29, 2019 9:54 am
Incorrect. Garages still charge in fractions of a "p".
And it's nearly always 0.9p
I think petrol companies believe most of their customers are stupid ,and by putting the price per litre at £1.xx9 the petrol companies believe that their customers think they are paying £1.xx per litre. Why not just charge £1.28 instead of £1.279
But that's another topic :roll:
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Re: Philip Hammond to decide on future of 1p and 2p coins

Post by William Joseph1 » Mon Apr 29, 2019 1:22 pm

I agree with you, just for the record though Asda around here always charge 0.7p whether they think people are stupid enough to think that they are undercutting other garages by a large amount I don't know. Whilst on about Asda, The other thing I think is deplorable is their drive to self service. In my local Asda every single till apart from two are now self serve and that is a store with about twenty till lines. The Garage is also self service now with no booth for assistance should you need it. Support is provided over the airwaves with a press button for help.
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Re: Philip Hammond to decide on future of 1p and 2p coins

Post by Chadwick » Mon Apr 29, 2019 4:47 pm

When the halfpenny was dropped, many just-under-a-pound prices went DOWN. Eg. from £1.99 1/2 to £1.99.
It's possible with the absence of coppers, they might drop again to £1.95.

I've seen elsewhere (in the UK and abroad) if a shop doesn't have the exact change, they round down (to the customer's benefit) to the nearest coin they do have. Only a couple of pence/cents, but they still do it.

More and more of us use contactless payments for small amounts, and these will allow us to keep paying in 1p and 2p increments. As the number of cash payments dwindles, the loss suffered by rounding down will decrease in importance.

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

Post by William Joseph1 » Mon Apr 29, 2019 4:50 pm

As you will see from the original article:
But writing on the Bank of England's blog, Bank Underground, staff members Marilena Angeli and Jack Meaning last year argued that - even if this happened - it would have little or no effect on the cost of living, as measured by inflation.

They also argued that the growth of non-cash payments - particularly contactless cards - meant that shoppers could still be charged the exact amount when paying by card
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Re: Philip Hammond to decide on future of 1p and 2p coins

Post by pabenny » Mon Apr 29, 2019 5:50 pm

blythburgh wrote:
Mon Apr 29, 2019 11:04 am
I agree that prices will rise and one of the biggest losers will be charities.
Well-meaning folks say this (and I'm sure they're genuine) but just as the coppers are almost worthless to us, it's the same for charities. And someone has to count them, bag then and bank them.
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Re: Philip Hammond to decide on future of 1p and 2p coins

Post by AAAlphaThunder » Mon Apr 29, 2019 10:00 pm

rayf wrote:
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 » Tue Apr 30, 2019 11:50 am

pabenny wrote:
Mon Apr 29, 2019 5:50 pm
blythburgh wrote:
Mon Apr 29, 2019 11:04 am
I agree that prices will rise and one of the biggest losers will be charities.
Well-meaning folks say this (and I'm sure they're genuine) but just as the coppers are almost worthless to us, it's the same for charities. And someone has to count them, bag then and bank them.
Charities disagree and shout loudly when there is a call to scrap 1p/2p and 5p coins. It is surprising how much they raise from the counter top boxes
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Re: Philip Hammond to decide on future of 1p and 2p coins

Post by pabenny » Tue Apr 30, 2019 12:02 pm

According to a blog on the website of NCVO (National Council of Voluntary Organisations, a sort of charity/good cause umbrella organisation),

"The loss of loose change in the form of 1p and 2p coins is unlikely to make a major dent in the total amount given to charity. It might even increase what people give, if we instead give 5ps and 10ps."

They do say that there is very little information about how much charities raise from 1p/2p coins but they do note that only about £1 in £6 is donated in cash at all (and clearly most of that will not be in low value coins).

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