Is it time to ditch the penny?

I_luv_cats

seanomercy wrote: »

The Cent is worth less than the penny. Remember the saying "look after the pennies, and the pounds will look after themselves." Another traditional saying out of the window.

AND:


Spend a Penny

A penny saved is a penny earned

penny pincher

in for a penny in for a pound

penny wise pound foolish

Top-ranking_Bug

I can't see retailers sellling anything ending in 98 or 99p and rounding down once their existing stocks are gone. They'll increase the prices to make it easier for them.

Also, my father taught me the saying (quoted by seanomercy above) "look after the pennies and the pounds will look after themselves", an adage I've realised since my LBM is totally accurate! I dump my 1 and 2p shrapnel into a tin every day, and regularly save in the region of £50 to £60 a year. I take it to our local supermarket which has a "cash converter" thingy-machine, tip it in, and get shopping vouchers out. Easier than counting into plastic bank bags and taking to the bank.

So save the pennies! (In more ways than one )

Oldbiggles

If all retailers were forced to stop pricing items £1.99 or £2.99 or £3.99 etc. the penny would eventually become extinct with no help from legislation.

Or, if the penny costs more to produce than it's worth, why not save them up and then flog them to a scrap metal merchant? Or is that illegal?

MarkLS12

Oldbiggles wrote: »

If all retailers were forced to stop pricing items £1.99 or £2.99 or £3.99 etc. the penny would eventually become extinct with no help from legislation.

How would you force retailers to stop pricing like you say without legislation?

Oldbiggles

MarkLS12 wrote: »

How would you force retailers to stop pricing like you say without legislation?

:T


Oops! I must have been trying out for a Double Dutch Diploma..


Well you know what I meant to say..

:rotfl::rotfl:

fitter885

The penny would be best to be kept & ditch the others (2p,5p & 10p) like the Americans, less change & keep the notes!!! :T

MarkLS12

fitter885 wrote: »

The penny would be best to be kept & ditch the others (2p,5p & 10p) like the Americans, less change & keep the notes!!! :T

So for 19p in change, you want 19 penny coins?

Americans do have 5c and 10c coins.

BNT

MarkLS12 wrote: »

Americans do have 5c and 10c coins.

Otherwise you wouldn't be able to nickel and dime someone and we'd lose another traditional phrase!

callum9999

Top-ranking_Bug wrote: »

I can't see retailers sellling anything ending in 98 or 99p and rounding down once their existing stocks are gone. They'll increase the prices to make it easier for them.

Also, my father taught me the saying (quoted by seanomercy above) "look after the pennies and the pounds will look after themselves", an adage I've realised since my LBM is totally accurate! I dump my 1 and 2p shrapnel into a tin every day, and regularly save in the region of £50 to £60 a year. I take it to our local supermarket which has a "cash converter" thingy-machine, tip it in, and get shopping vouchers out. Easier than counting into plastic bank bags and taking to the bank.

So save the pennies! (In more ways than one )

As has already been mentioned - it doesn't affect the prices. The till will round the total to the nearest 5p, or if you pay by card, it will still take the exact amount.

You're not really saving anything by putting pennies in a jar instead of leaving them in your bank/spending them. It just looks like you are because you put them all in one place. I don't think nostalgia of putting pennies in a jar is really a good enough reason to keep them anyway!

MarkLS12

Top-ranking_Bug wrote: »

I dump my 1 and 2p shrapnel into a tin every day, and regularly save in the region of £50 to £60 a year. I take it to our local supermarket which has a "cash converter" thingy-machine, tip it in, and get shopping vouchers out. Easier than counting into plastic bank bags and taking to the bank.

But they take something like 8% commission don't they?
So you are paying about £5 in commission each year, no Money Saving Gold star for you:p

Some banks (including Barclays and HSBC) have coin machines which do not take any commission, but you must be a bank customer and pay directly into your account.