Cash machines and £5 notes - a sign of the times?

Really2

If you notice as well £5 notes seem to be in the worst condition.

That seems to agree with what gen said about the BOE. They are being recycled far more than any other note and are not being deposited enough due to lack of supply.
Not getting getting deposited means they don't get replaced etc.

olly300

marklv wrote: »

. And maybe it's time for a £5 coin (crown) to be introduced, as notes are so overused and abused.

Considering the number of fraudulent £1 coins in circulation that's probably a bad idea.

Also my purse and lots of wallets are not designed to take loads of coinage.

incher

Interesting. I hadn't thought of the usefulness of £5 notes before. It's true that most things over a fiver go on my debit card. And indeed, since it became possible to use a debit card almost anywhere and for any amount, my purse is a lot lighter.

So perhaps there are more cash machines around town with £5 notes in them. I'll keep a look out.

nearlynew

marklv wrote: »

.. What annoys me is the clutter of copper change - about time they got rid of 1p and 2p coins. And maybe it's time for a £5 coin (crown) to be introduced, as notes are so overused and abused. I would love the re-introduction of the 'crown' as a unit of currency - it would restore a forgotten British tradition. A half crown (£2.50) coin could then replace the £2 coin.

Are you mad?

FTBFun

The only place I really use £10 and £20 notes is in the pub. Shop purchases tend to go on whichever card I fancy using.

B33fy

marklv wrote: »

£5 notes are by far the most useful ones. For larger purchases most people tend to use cards, so £10 and £20 notes are really of limited use except to break them into smaller denomination. What annoys me is the clutter of copper change - about time they got rid of 1p and 2p coins. And maybe it's time for a £5 coin (crown) to be introduced, as notes are so overused and abused. I would love the re-introduction of the 'crown' as a unit of currency - it would restore a forgotten British tradition. A half crown (£2.50) coin could then replace the £2 coin.

The half crown was 2s 6d in "old money" or 12.5p in "todays money" so £5 would be 20 crowns or 40 half crowns - just to be pedantic

vivatifosi

marklv wrote: »

What annoys me is the clutter of copper change - about time they got rid of 1p and 2p coins. And maybe it's time for a £5 coin (crown) to be introduced, as notes are so overused and abused.

There are big changes afoot in the world of coinage, will cause major headaches if they go ahead, particularly in the world of vending machines. It's the 5ps and 10ps in your pocket that will change though. The size, weight and composition may change in order to save money:

http://www.google.com/hostednews/ukpress/article/ALeqM5hwOTGFjvsH4_svOp_mKtOiFdrP0g

Stompa

vivatifosi wrote: »

There are big changes afoot in the world of coinage, will cause major headaches if they go ahead, particularly in the world of vending machines. It's the 5ps and 10ps in your pocket that will change though. The size, weight and composition may change in order to save money:

http://www.google.com/hostednews/ukpress/article/ALeqM5hwOTGFjvsH4_svOp_mKtOiFdrP0g

An £8m saving seems a tiny amount, does anybody know what the current cost is?

vivatifosi

Stompa wrote: »

An £8m saving seems a tiny amount, does anybody know what the current cost is?

My understanding is that it is £8m pa and that the copper price has been trending upwards for a long time. However it does seem a case of one saving being relatively small compared to the cost to industry.

I work in local government and we have vending machines in our libraries (self-service issuing machines which accept coins). So you could have the ironic situation where one government department saves money but shifts the cost onto others.

Stompa

vivatifosi wrote: »

My understanding is that it is £8m pa ...

Yes, I realise that. What I really meant was how much was that £8m relative to the current cost of producing the coins. A saving of 0.1%, 1%, 10%?