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

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William Joseph1
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Philip Hammond to decide on future of 1p and 2p coins

Post by William Joseph1 » Sun Apr 28, 2019 12:19 pm

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

Story here: https://www.bbc.co.uk/news/business-48082984
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Re: Philip Hammond to decide on future of 1p and 2p coins

Post by pabenny » Sun Apr 28, 2019 1:03 pm

Shan't miss them. If our coinage had kept pace with inflation since decimalisation (1971), our lowest value coin would be 8p.

We have no problem with petrol being priced in tenths of a penny when there are no 0.1p coins, so it shouldn't matter that the available coinage doesn't exactly align with the prices charged.
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Re: Philip Hammond to decide on future of 1p and 2p coins

Post by expressman33 » Sun Apr 28, 2019 2:58 pm

The problem if we get rid of 1p and 2p coins is that most prices will be rounded up and the smallest price increase will be 5p . Something costing 16p now will probably then cost 20p

What will happen to the 2p and 3p daily clicks ?

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

Post by William Joseph1 » 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. Petrol is currently charged in units of a pound ie: £125.7 but that is not what you pay.

In some countries, I think France and Spain are an example, rounding up is not done. If you pay by cash and your total shopping is at an amount where a coin is not available then you are given a sweet or some such thing in lieu of the missing coin. Having said that I suspect that rounding up will unnecessarily occur, in the same way it did when decimalisation came in.

You will still be able to pay £10.03 by credit or debit card or by cheque if you still use them.
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Re: Philip Hammond to decide on future of 1p and 2p coins

Post by macliam » Sun Apr 28, 2019 3:47 pm

Bloody odd that 1c coins exist for the Dollar and the Euro, yet have lower value.....

Sounds like a stupid idea to me - if the currency is made up of 100 pence, then the penny must exist.

Whether it's worth having a separate coin for 2p may be questionable, but what are the costs involved?
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Re: Philip Hammond to decide on future of 1p and 2p coins

Post by AAAlphaThunder » Sun Apr 28, 2019 4:01 pm

An interesting idea.
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Re: Philip Hammond to decide on future of 1p and 2p coins

Post by Chadwick » Sun Apr 28, 2019 4:50 pm

I'd scrap one or the other, but not both.
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Re: Philip Hammond to decide on future of 1p and 2p coins

Post by macliam » Sun Apr 28, 2019 5:22 pm

Chadwick wrote:
Sun Apr 28, 2019 4:50 pm
I'd scrap one or the other, but not both.
Then the 2p is toast - it has no historic merit and saves little, The 1p as the minimum legal currency, has historical forbears.
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Re: Philip Hammond to decide on future of 1p and 2p coins

Post by kevinchess1 » Sun Apr 28, 2019 10:07 pm

Far be it for me to double guess PH but I don’t reckon he will scrap them
I suspect that they will be decommissioned at some point
Making it more difficult to Spend a penny
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Re: Philip Hammond to decide on future of 1p and 2p coins

Post by expressman33 » 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".
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