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

B33fy

vivatifosi wrote: »

My understanding is that it is £8m pa and that the copper price has been trending upwards for a long time.

At the risk of being picky (and pedantic), todays "copper" coins are now plated steel (check with a magnet) so copper prices have little effect on their cost of manufacture, very annoying when your phone case has a magnetic catch which drags coins out which end up on the floor

Stompa

B33fy wrote: »

At the risk of being picky (and pedantic), todays "copper" coins are now plated steel (check with a magnet) so copper prices have little effect on their cost of manufacture, very annoying when your phone case has a magnetic catch which drags coins out which end up on the floor

It's not the "copper" coins that are the issue though. It's 5p's and 10p's which are currently cupronickel (75% copper).

http://www.telegraph.co.uk/finance/personalfinance/consumertips/banking/7979997/New-steel-5p-and-10p-coins-a-disaster.html

blueboy43

£5 notes last less than a year before they are too dog-eared and get taken out of circulation. The BoE has wanted more of them in cash machines for years. The banks have largely refused as it increases their cash handling and dispensing costs (despite the fact that many of their customers want £5's).

The banks even wanted the BoE to pay them to dispense £5's to compensate for the extra cost involved.

Chris2685

£5 coins are a good idea, as long as they aren't the size of those commemorative coins. If they were somewhere near the size of a £2 coin, but with straight edges like a 20p or 50p it would be good.

coldstreamalways

When I was a student, all the cash machines at the uni dispensed fivers. I think it's a good idea but why can't they make them more durable?

vivatifosi

B33fy wrote: »

At the risk of being picky (and pedantic), todays "copper" coins are now plated steel (check with a magnet) so copper prices have little effect on their cost of manufacture, very annoying when your phone case has a magnetic catch which drags coins out which end up on the floor

The article isn't about 1p and 2p coins its about the copper content in 5p and 10p coins...

The proposed change would save the Royal Mint as much as £8m a year as the "silver" coins would be made from steel instead of cupronickel - an alloy of copper and nickel.

reehsetin

we need plastic notes - then fivers wouldnt be a problem

vivatifosi

reehsetin wrote: »

we need plastic notes - then fivers wouldnt be a problem

Oooh, yes please! Like Australia. Then we can all take advantage of our beautiful climate and take our money out on our surfboards:D . I love Australian currency, especially the little see through bits.