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Do we still really need 1p and 2p coins?

Discussion in 'The Lounge' started by Dorset_Mike, Sep 30, 2015.

  1. Dorset_Mike

    Dorset_Mike Grumpy Old Fart

    That sounds like the most sensible approach I've heard of so far.
     
  2. Roy5051

    Roy5051 Well-Known Member

    I have two methods,

    1. All my 1p, 2p and 5p coins at the end of any day go into a mug; when the mug is full, I put them through a coin machine in Sainsbury's and spend the result (less 9% for the machine) on whatever;

    2. If I just have 1p change in a shop, I ask them to put it into the charity pot on the counter.

    I used to put all coins less than 50p into a mug and share it between my three grandchildren when the mug was full, but they grew out of the joy of getting a bag of coins every 6 months or so.....They now prefer notes!
     
  3. flyfisher

    flyfisher Well-Known Member

    It already does. How else could petrol, diesel, heating oil, mains water, gas, electricity, etc, be priced in fractions of a penny ?
     
  4. PhilW

    PhilW Well-Known Member

    I've been emptying my pockets of any Sub 50p coin into jars for years. One day I'll cash it all in.

    At that time I suspect I'll find my kids relied heavily on the 10 & 20ps for bus money.....

    To the OP, I'd include 5ps in the list and say no point to any of them. With all the inflation since 1971 I wonder which current coin has (closest to) the same value the 1p did when it was introduced?
     
  5. PhilW

    PhilW Well-Known Member

    ok.

    according to this site 1p in 1971 is worth 14p now.

    From that I'd say anything less that a 10p coin is no longer needed

    (though the counter argument is we used to have 1/2p coins then, which would now be worth 7p. So you could argue if we needed a 1/2p coin then we should keep the 5p coin because it's the closest in value to that)
     
  6. Roger Hicks

    Roger Hicks Well-Known Member

    Dear Roy,

    Which continent is this?

    Cheers,

    R.
     
  7. Roger Hicks

    Roger Hicks Well-Known Member

    The smallest useful unit of currency is one you can use to buy something. Sixty years ago you could still buy a farthing chew (call it 1/10p new money) but this was something of an exception: a box of matches was twopence (under 1p new money). A bar of chocolate was 6d (2.5p new money). What does a bar of chocolate cost nowadays? At least 30p, I would guess. Can you still buy small boxes of matches?

    So no, we don't need any unit of payment less than 5p, but units of payment and units of pricing are not necessarily the same. Consider petrol, for example: it's almost invariably priced in tenths of a penny. Here, at the moment, diesel is 104.9 centimes a litre, but the pump doesn't register 1/10 centimes. This is not a problem.

    Cheers,

    R.
     
  8. Roy5051

    Roy5051 Well-Known Member

    We who live in the UK still call the rest of Europe "the continent", or at least us old'uns do!:)
     
  9. Roger Hicks

    Roger Hicks Well-Known Member

    Dear Roy,

    I assumed that was what you meant, but as I've never seen this happen anywhere in Europe -- and I've lived here for 13 years and visited most of the countries in Europe -- I was a bit puzzled. Where did it happen to you?

    Cheers,

    R.
     
  10. Roy5051

    Roy5051 Well-Known Member

    In Austria and France, when shopping at campsite shops, I have never been given any change which included coins of less than 5c in value. It may, of course, be peculiar to campsites, or coincidence that my purchases amounted to amounts ending in 5c/10c. I have also noticed this during many trips to Ieper (Ypres) in Belgium, which I have visited many times to carry out sponsored walks (100km Van Ieper).
     
  11. Roger Hicks

    Roger Hicks Well-Known Member

    Probably the latter part of the highlight, along with the fact that campsites most likely round prices up to begin with. You very occasionally encounter post-addition rounding when you are buying something that is inherently expensive by weight (e.g. some cheeses) or from an inherently expensive source (e.g. travelling greengrocer). They will often round it down, even to the nearest 10 cents: with their margins, they can afford to. In normal everyday shopping, prices ending in 99 centimes are as common in France (and all the rest of Europr that I've visited) as prices ending in 99p in the UK, e.g bananas currently on sale at Super U at 99 cents/kilo. A quick glance at the other promo freesheets (Leclerc) shows tartes normandes at 3.49 each, Vivalis pastis at 14.66, crisps at 1.11, etc.

    Cheers,

    R.
     
  12. Learning

    Learning Ethelred the Ill-Named

    Barney, I realise that you are from Yorkshire, like myself, but that is no reason to pretend that we are Scottish. Add the shillings and florins to the jar.
     
  13. Roy5051

    Roy5051 Well-Known Member

    Yes, but if your basket of goods comes to €49.87, you will probably find that you will get either 10c or 15c in change, never, I would suggest, 13c.

    Hence the argument.:)
     
  14. Roger Hicks

    Roger Hicks Well-Known Member

    Dear Roy,

    Nope. This has never happened in any supermarket I've been to -- or in the vast majority of smaller shops either. If the change is 13 euro-cents, that's what they've always given me. As I say, I've lived in France for 13 years and visited most of the countries of Europe, and there are plenty of one- and two- euro-cent pieces in circulation.

    Cheers,

    R.
     
  15. Bejay

    Bejay Well-Known Member

    Is it an urban myth that historically pricing to n.99 and the need for small denomination change was a 'requirement' in the retail trade to force sales assistants to put (typically small) transactions thru tills and not simply pocket any money given over by a customer?
     
  16. dream_police

    dream_police Well-Known Member

    I have had a house in Spain since 2005. In there, as well as at home here, I have a growing collection of 1 cent coins that I never spend. These are what I have got from supermarkets/markets etc as I use cash. There, like here in the UK I never spend them.
     
  17. pachinkofan

    pachinkofan Well-Known Member

    That's a blast from the past, used to get it religiously every Wednesday [not the rural Fri edition] for jobs etc back when I was younger...

    Then I was a member of the SDCC back in the day and briefly ran their site when they were still hosted at the Cowane Centre...

    Reminiscing mode off... ;)

    As for coppers, yeah I store mine in a wooden dish, and now and then take them to a charity shop or to one of those self service checkouts and get some cash off my bill...

    Then I still keep a 2p piece as it's the best for tightening my quick release tripod mount on the camera etc...
     
  18. nimbus

    nimbus Well-Known Member

    It is more likely the psychological idea to the customer of breaking pound barriers. £0.99 seems significantly less than £1.00 and so on. Why else is there a 99p shop chain (to be taken over by Poundland ,now there's a price increase across the board!). If an assistant is dishonest they will manage to be dishonest regardless.
     
  19. DaveM399

    DaveM399 Well-Known Member

    The 99p store will obviously stock Poundland's budget range! :D
     
  20. Trannifan

    Trannifan Well-Known Member

    Where? In Germany if the bill requires 3 cents change then 3 cents is what you'll get. On the weekly market they may round the price to +/- 5 cents. I know of one or two cafes which don't like taking 1 and 2 cent coins, but that's because the banks don't like having to count them.

    Lynn
     

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