Backlash as Treasury suggests 1p and 2p coins could be SCRAPPED
 

http://www.dailymail.co.uk/news/arti...-SCRAPPED.html

I think the main reason that people fill jars with them is that many places won't accept more than 20 of them per purchase. Plus banks will only accept 3 or 4 bags of them for deposit, per day. And those Coinstar machines that have appeared in supermarkets take a 9.9% cut.

In the Netherlands in the late 70's we could drop our loose change into a machine that sorted them and packaged them into neat paper tubes. The banks accepted as many of these as you offered. Maybe UK banks should offer the same service?

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HSBC have a machine, just dump all your change in, it counts it up and deposits in in your account. It's always more than I think.

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They should get rid of the stupid 5p coin, its too small.

There would then be more use for all the 1p and 2p coins.

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+1

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I'd miss the 2pence arcade machines.

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It'll put up prices every thing will be rounded up to the nearest 5p.

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On Brighton pier they have a load of the old 1 Penny machines and you buy a bag of coins to play them.

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They don't like cash. They like to know what you spend your money on. They want to be able to turn on/off your money supply at will. Don't let them own you :devsmoke:

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The radio also stated £50 notes to.

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Also coins tend to be the only currency that isn't borrowed into existence.

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When I sold my first car (a wonderful Austin MG rusty Metro), I got paid in £50 notes. Thought it was brilliant until I tried to spend them anywhere...

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Prefer all the pre-decimal coins. Hate polymer notes when I use them (rarely).

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Our local Sainsbury's has such a machine. I think it charges 7%. I refuse to use this on the grounds that I'm perfectly capable of putting the money in bags from the bank. My wife is not very impressed with my attitude on the grounds that 1) I'm a skinflint and 2) I never actually get round to doing it.

---------- Post added at 19:48 ---------- Previous post was at 19:43 ----------

The guv'mint have just backed down after public protests. I'm not sure I actually blame them: it's the sort of thing that ends up with riots in the streets. George Osborne and pasties springs to mind. :)

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#metoo.

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Homebase took 2 £50 notes off me not so long ago with no questions asked.

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Question is did you get anything in exchange for them? :D

As I understand it the £50 note makes money laundering easier as you need fewer suitcases to cart large amounts of cash in. IIRC this has also been done on the continent with the Euro notes. Only small denominations are in circulation.

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My late mother in law had 8 500 euro notes hidden in a cupboard at her home. Her son's bank would only accept them as a deposit after a lengthy anti-counterfeit check. Luckily this was before the banking system across Europe became very money-laundering aware.

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Which is why forgers don't tend to forge high denomination bills in areas they are rare. If you were given such a bill, even a £50 it's likely you'd look at it more carefully than a smaller note.

Re: Backlash as Treasury suggests 1p and 2p coins could be SCRAPPED
 

I detest the copper coins as well as the 5p coins. Just get rid of them all.

I tend to shove them all in a big collection box and every 6 months or so take them to one of those coin exchange machines in supermarkets.

I only keep the 10p, 20p, 50p and £1 & £2 coins in my wallet.

Re: Backlash as Treasury suggests 1p and 2p coins could be SCRAPPED
 

That would mean that prices will increase by 10p

Re: Backlash as Treasury suggests 1p and 2p coins could be SCRAPPED
 

I only keep pound coins and notes in my wallet. The shrapnel goes at the end of the breakfast bar as a fund to get the paper in the morning.

Re: Backlash as Treasury suggests 1p and 2p coins could be SCRAPPED
 

It would also be the final nail in the coffin for our seaside resorts that rely on the low domination coins.

I am so glad they're back tracking on this now.

Re: Backlash as Treasury suggests 1p and 2p coins could be SCRAPPED
 

What prices and why?

If something is 95p or 98p then rounding to the nearest 10p will only add few pence. Not 10 pence?

at most if it was say 11 pence then it would either remove the penny or add 9 pence at most.

Re: Backlash as Treasury suggests 1p and 2p coins could be SCRAPPED
 

I resent the fact that prices will only be able to be rounded UP by 5p..Why not just redesign the coins so they are easier to use.

Also I very much doubt anyone is bothering to counterfeit one or two penny coins.

Re: Backlash as Treasury suggests 1p and 2p coins could be SCRAPPED
 

And that could add up to alot, think fruit and veg or even petrol when paying in cash.

Re: Backlash as Treasury suggests 1p and 2p coins could be SCRAPPED
 

Personally, I hardly ever deal with cash anymore. I pay for practically everything by debit card, credit card, standing orders and bank transfers.

Saves mucking about with germ ridden cash and helps you keep track of what you're spending your money on.

Re: Backlash as Treasury suggests 1p and 2p coins could be SCRAPPED
 

Larger means more metal, so the coin could be worth more as scrap than its face value. Copper coins don't contain copper any more for that reason.

Re: Backlash as Treasury suggests 1p and 2p coins could be SCRAPPED
 

1 and 2p coins were never going to be 'scrapped'. Just another made up Daily Fail story, so they can claim they've saved the day. Pointless excuse for a 'newspaper'.

Re: Backlash as Treasury suggests 1p and 2p coins could be SCRAPPED
 

Wouldn't the easiest thing to do be phase out 2p coins and just have 1p coins instead

Re: Backlash as Treasury suggests 1p and 2p coins could be SCRAPPED
 

I'd prefer they phased out the 5p, I wouldn't miss the 1p either.

I seem to remember there was a so called "backlash" when they decided to get rid of the 1/2p, but in reality, no one really cared.

Re: Backlash as Treasury suggests 1p and 2p coins could be SCRAPPED
 

The way the world is going, we'll soon be back to swapping a turnip for half a chicken :D

Re: Backlash as Treasury suggests 1p and 2p coins could be SCRAPPED
 

Whether one likes it or not the human race as we know it will become extinct.;)

Re: Backlash as Treasury suggests 1p and 2p coins could be SCRAPPED
 

I agree, those on a low income or on a basic pension would be hit hardest.

Re: Backlash as Treasury suggests 1p and 2p coins could be SCRAPPED
 

You've got yourself a deal, enjoy the turnip

And no doubt be first in line for extinction