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    • MSE Rosie
    • By MSE Rosie 20th Sep 16, 1:57 PM
    • 14Posts
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    MSE Rosie
    MoneySaving Poll: Should the 1p coin be scrapped?
    • #1
    • 20th Sep 16, 1:57 PM
    MoneySaving Poll: Should the 1p coin be scrapped? 20th Sep 16 at 1:57 PM
    Poll started 20 September 2016

    Should the 1p coin be scrapped?

    Bank of England governor Mark Carney has said the humble 1p piece should be scrapped one day because its value is decreasing.

    If the coin was axed, we'd follow in the footsteps of Canada, New Zealand and Australia, which have all got rid of their penny equivalents.

    Are they an annoyance that you never use, or would it be an unwelcome end of an era?



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    Last edited by MSE Rosie; 20-09-2016 at 2:05 PM.
Page 2
    • theageofreason
    • By theageofreason 21st Sep 16, 5:44 PM
    • 6 Posts
    • 0 Thanks
    theageofreason
    Carney is just ridiculous
    I don't mind getting rid of the 1p coin, but frankly Carney is the worst Bank of England boss we've ever had. After scaremongering everyone about how bad it would be if we voted Brexit, he followed up with increased quantitative easing which wasn't needed and simply further lowered interest rates, which helped the pound slide. He told us British industry would suffer - quickly proved wrong by the best export figures in years, how the housing market would be negatively affected -it hasn't, and how our stock market might fall - that's doing fine thanks. All he's managed with his 'measures' is to suffocate the bond market, which has left many pension funds in the red. Lately he has expressed his surprise at how well Britain is bearing up! Well thank you Mr Carney but any schoolboy economist could have told you that Brexit won't affect anything until it actually happens, and that negative sentiment is the only thing likely to affect markets in the short term. The real worry is that he seemingly failed to grasp that a lower pound will aid exports. It really beggars belief. Bring back Mervin King..
    • Ectophile
    • By Ectophile 21st Sep 16, 10:38 PM
    • 2,304 Posts
    • 1,382 Thanks
    Ectophile
    Why not sort out the coins properly?

    Do we really need all of 1, 2, 5, 10, 20, 50, £1, £2?

    Surely 1p, 5p, 20p, £1 and £2 would suffice and be easier and better (and cheaper to manage).
    Originally posted by Tanllan
    Because then you need more coins to give change. 90p can currently be done with just 1x50p + 2x20p.

    Scrap the 10p and 50p and 90p becomes 4x20p + 2x5p. That's six coins instead of three.

    It also ruins the nice neat pattern we currently have:
    1p, 2p 5p, 10p, 20p, 50p, £1, £2, £5, £10, £20, £50.
    • lady-h
    • By lady-h 21st Sep 16, 10:52 PM
    • 5 Posts
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    lady-h
    I am one of those who are against the abolition of the 1p and 2p coins. At our church we sponsor two children, one in Tanzania and one in Bangladesh. The members of our church save their small change and hand it in regularly (Mostly 1p and 2p pieces) and it is surprising how this mounts up and this money makes such a difference to the children enabling them to get an education. If anyone out there doesn't want their small change then put it into a charity box!
    • Sparhawke
    • By Sparhawke 22nd Sep 16, 5:35 AM
    • 1,372 Posts
    • 2,318 Thanks
    Sparhawke
    I don't agree with any of the options. I'd be happy to lose the 1p and 2p coins, but why get rid of the 5p ones?

    Any 1p or 2p coins I do get just end up in a charity tin. They are so worthless these days, they are not worth saving.
    Originally posted by Ectophile
    Same, many of the pubs I go to have charity tins, and quite a few of the bar staff at some pubs know to automatically put in my pennies..

    If everyone did this it would be quite a boon for Rover the guide dog tin (I am from Blackburn)
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    • Norman Castle
    • By Norman Castle 22nd Sep 16, 10:23 AM
    • 5,077 Posts
    • 3,852 Thanks
    Norman Castle
    Why not keep the penny but scrap the 2p. 2p coins weigh the same as two pennies. Change smaller than 5p can be made from four pennies. I'd be happy enough receiving four pennies instead of two 2p coins.
    Too cool for school. Also too old for school.
    • Kim_13
    • By Kim_13 22nd Sep 16, 11:56 AM
    • 803 Posts
    • 794 Thanks
    Kim_13
    Seems a bizarre thing to do when some are now paying the plastic bag charge with their loose change.

    The 5p should never be abolished. Some car parking charges end in 5 and the machines refuse to give change; pay by phone comes attached to a surcharge on top of the parking fee.

    While totals ending in small change could still be done via card, this is not without issue as some retailers will have a minimum for card payments. It's more likely to be inflationary and we don't need to give another excuse for prices to be raised.
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    • chocaholicmanc
    • By chocaholicmanc 28th Sep 16, 8:09 AM
    • 55 Posts
    • 58 Thanks
    chocaholicmanc
    Habit
    Why do you collect them and not spend them as you go? I never have more than a few coppers, if something costs £4.63 I'll check if I have £4.63 instead of lazily handing over a fiver which most people seem to do.
    Originally posted by zagfles


    I used to do it as a way of saving up for things. I rarely noticed the 'missing' money from my purse and at xmas or for holidays I'd get it changed. I suppose now it's habit more than anything. I almost never carry any cash anyway. I think I've been 'saving' my coppers in my current jar for about 6 years! We're getting married next month so I think I'll change it for our honeymoon and the give up.


    But yes, it does mean I always have to hand over more than the amount due when I do pay with cash. Which is lazy I suppose!
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