Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search

Results: Would you scrap either/both the 1 & 2p coins?

Yes - both

35.19% • 19 votes

Yes - but only the 1p

7.41% • 4 votes

Yes - but only the 2p

3.70% • 2 votes

No - keep both

44.44% • 24 votes

Other (please elaborate)

9.26% • 5 votes

You may not vote on this poll

54 votes in total.

  • FIRST POST
    • Wizard of Id
    • By Wizard of Id 14th Mar 18, 8:55 AM
    • 3,721Posts
    • 14,086Thanks
    Wizard of Id
    Future of 1p and 2p coins questioned by Treasury
    • #1
    • 14th Mar 18, 8:55 AM
    Future of 1p and 2p coins questioned by Treasury 14th Mar 18 at 8:55 AM
    From BBC

    The Treasury could be paving the way for the end of 1p and 2p coins as it seeks views on the future of cash.

    It is inviting comments on the mix of coins in circulation as consumers move to non-cash payments such as contactless and digital spending.

    Ministers say there are no current plans to scrap them.
    I have no strong views either way but it would mean the end of the 99p that shops continue to use instead of rounding up to an even pound.
    Every man is innocent until proven broke.
    Cryin won't help you, prayin won't do you no good.

    Keep Moving in 2018 Challenge - Target 3333 miles
    This week - 77.7
    Total so far - 1537.8
Page 1
    • Wizard of Id
    • By Wizard of Id 14th Mar 18, 8:59 AM
    • 3,721 Posts
    • 14,086 Thanks
    Wizard of Id
    • #2
    • 14th Mar 18, 8:59 AM
    • #2
    • 14th Mar 18, 8:59 AM
    I put all my small coinage into a jar as soon as I get home so I really just use it once but I was surprised to read this in the article;

    The document points to surveys that suggest six in 10 of UK 1p and 2p coins are only used once before being saved in a jar or discarded.

    In one in 12 of these cases, the coins are thrown in the bin.
    I never thought the numbers would be that high
    Every man is innocent until proven broke.
    Cryin won't help you, prayin won't do you no good.

    Keep Moving in 2018 Challenge - Target 3333 miles
    This week - 77.7
    Total so far - 1537.8
    • indesisiv
    • By indesisiv 14th Mar 18, 9:02 AM
    • 5,663 Posts
    • 18,656 Thanks
    indesisiv
    • #3
    • 14th Mar 18, 9:02 AM
    • #3
    • 14th Mar 18, 9:02 AM
    I never thought the numbers would be that high
    Originally posted by Wizard of Id
    I'm surprised it is as low as 6 in 10 to be honest.
    Most people I would have thought never actually spend any low value coins. I pick them up in change and then put them aside so never actually spend them.
    “Time is intended to be spent, not saved” - Alfred Wainwright
    • Jackmydad
    • By Jackmydad 14th Mar 18, 9:19 AM
    • 2,489 Posts
    • 7,432 Thanks
    Jackmydad
    • #4
    • 14th Mar 18, 9:19 AM
    • #4
    • 14th Mar 18, 9:19 AM
    In reality they're "valueless" although there is an argument I believe, that if you have 100 pence in the pound you should have the smallest unit as a coin.
    The 5p coin now is worth less than the 1/2 p was in 1971 when "decimalisation" happened.
    "Luck happens where hard work meets opportunity"
    • ScarletMarble
    • By ScarletMarble 14th Mar 18, 9:31 AM
    • 7,656 Posts
    • 13,821 Thanks
    ScarletMarble
    • #5
    • 14th Mar 18, 9:31 AM
    • #5
    • 14th Mar 18, 9:31 AM
    On holidays to countries using the Euro as their currency, I hardly came across 1,2 and 5c coins in my purse. Only got them on visiting a supermarket. I then put these small change towards the tip at my next restaurant meal.

    Same in Croatia - they use the kuna, - c8.5 kuna per £1. The kuna's small unit is the lipa. Again, hardly saw a lipa coin. Even though 50 lipa is about 6p.
    • ScarletMarble
    • By ScarletMarble 14th Mar 18, 9:32 AM
    • 7,656 Posts
    • 13,821 Thanks
    ScarletMarble
    • #6
    • 14th Mar 18, 9:32 AM
    • #6
    • 14th Mar 18, 9:32 AM
    Many customers still pay for their shopping with cash
    • Alter ego
    • By Alter ego 14th Mar 18, 9:34 AM
    • 2,345 Posts
    • 2,313 Thanks
    Alter ego
    • #7
    • 14th Mar 18, 9:34 AM
    • #7
    • 14th Mar 18, 9:34 AM
    Would it be good if all price rises were multiples of 5p?
    Ignore me if you like, it's not the real me anyway.
    • Jackmydad
    • By Jackmydad 14th Mar 18, 9:43 AM
    • 2,489 Posts
    • 7,432 Thanks
    Jackmydad
    • #8
    • 14th Mar 18, 9:43 AM
    • #8
    • 14th Mar 18, 9:43 AM
    Would it be good if all price rises were multiples of 5p?
    Originally posted by Alter ego
    Inflationary I reckon.
    53p would go up to 55p.
    52p I suppose would go down to 50p, but most 52p "s" would have already gone up to 53p.
    Those one and two pence increases add up for a big retailer.
    "Luck happens where hard work meets opportunity"
    • DesertWind
    • By DesertWind 14th Mar 18, 9:43 AM
    • 353 Posts
    • 830 Thanks
    DesertWind
    • #9
    • 14th Mar 18, 9:43 AM
    • #9
    • 14th Mar 18, 9:43 AM
    Keep them.

    I read that George Osbourne wanted to scrap them, but David Cameron vetoed it.
    • NBLondon
    • By NBLondon 14th Mar 18, 9:48 AM
    • 1,771 Posts
    • 9,443 Thanks
    NBLondon
    I put all my small coinage into a jar as soon as I get home so I really just use it once
    Originally posted by Wizard of Id
    Most people I would have thought never actually spend any low value coins. I pick them up in change and then put them aside so never actually spend them.
    Originally posted by indesisiv
    Are you the people who then take a jar full to the bank once a month? Or those who then tip it all into a Coinstar or similar machine and pay a commission to get it changed into a voucher?
    Many customers still pay for their shopping with cash
    Originally posted by ScarletMarble
    I do - if it's a few items and there's a self-service till. In fact, that's the best way to offload the small stuff instead of weighing down my pockets. Or into the self-service machines in Post Offices to convert them into a much lighter stamp.
    Personally, 1p can go and I wouldn't miss 5p pieces because they are small and fiddly but I'd like to keep 2p pieces.
    Womble #7 - Running Total £9.68 $1.99 €3.35 S//0.10 (that's supposed to be 10 Ukrainian kopiyki but the site is refusing to display the symbol) Bds$0.10 A$0.05 C$0.88 S$0.20 zl0.02 (Polish grosze) LB0.22 (Bulgarian stotinka) ISKr 5 DKr 0.50 CHF 0.50
    • indesisiv
    • By indesisiv 14th Mar 18, 10:15 AM
    • 5,663 Posts
    • 18,656 Thanks
    indesisiv
    Are you the people who then take a jar full to the bank once a month? Or those who then tip it all into a Coinstar or similar machine and pay a commission to get it changed into a voucher?
    I do - if it's a few items and there's a self-service till. In fact, that's the best way to offload the small stuff instead of weighing down my pockets.
    Originally posted by NBLondon
    I actually give all mine to my mother who still uses exact change when shopping etc.

    I tend not to collect them as the only time I actually pay with cash is in the chippy as they don't have a card machine. When I go shopping it is quicker to put it onto the card than pay cash and have to get change.
    “Time is intended to be spent, not saved” - Alfred Wainwright
    • lofielectronic
    • By lofielectronic 14th Mar 18, 10:56 AM
    • 637 Posts
    • 297 Thanks
    lofielectronic
    I do find them a nuisance, and 5ps too since most vending/parking machines now refuse to take them. Most pubs/bars now set prices in 10p increments from what I've found, or £1 increments in London, so I don't end up with a lot of them even though I pay for most things with cash. Seems largely supermarkets which are selling things for £2.89 and the like.

    I would miss the 2p though as a highlight of any visit to the coast is using up a couple of months supply in the push/drop arcade machines there!
    • BarryBlue
    • By BarryBlue 14th Mar 18, 11:09 AM
    • 3,263 Posts
    • 10,702 Thanks
    BarryBlue
    I think the 1p & 2p coins have become a nuisance now. If I get them in change I usually put them in the charity box rather than in my pocket. We have a bucket of these coins at home which we've had for years, containing probably about £200, but can't really do anything with it. Nobody wants the bother of cashing them in.

    As an aside, we have recently been to the Far East where some countries seem to have virtually abolished coins. For example, in Vietnam (30000 dong/£) there is nothing smaller than a 1000dong note. However, Indonesia still use lots of 100 rupiah coins, worth well under 1p. They are aluminium and work here as trolley tokens!

    I see there is also a move to abolish the £50 note as they serve no purpose other than to store value, plus they are useful for fraud and money laundering. I suppose it's fair enough, you never see them in everyday use.
    We're gonna be alright, dancin' on a Saturday night
    • indesisiv
    • By indesisiv 14th Mar 18, 12:04 PM
    • 5,663 Posts
    • 18,656 Thanks
    indesisiv
    I see there is also a move to abolish the £50 note as they serve no purpose other than to store value, plus they are useful for fraud and money laundering. I suppose it's fair enough, you never see them in everyday use.
    Originally posted by BarryBlue
    I agree with the abolishing the £50. For what purpose would anyone actually spend a £50 note???
    Anything of that value then it would go on a card.
    “Time is intended to be spent, not saved” - Alfred Wainwright
    • pollypenny
    • By pollypenny 14th Mar 18, 12:46 PM
    • 23,921 Posts
    • 62,334 Thanks
    pollypenny
    They are a nuisance, but I would keep them to avoid rounding up of prices.

    It!!!8217;s easy to stick odd coins in a charity box and they do have some benefit.
    Member #14 of SKI-ers club

    Words, words, they're all we have to go by!.

    (Pity they are mangled by this autocorrect!)
    • pogofish
    • By pogofish 14th Mar 18, 12:59 PM
    • 8,493 Posts
    • 8,805 Thanks
    pogofish
    I would have thought that with Brexit, the move back to old-style pounds shillings, pence, farthings etc should take place with the highest priority. The massive "cartwheel" penny of 1797 would be undoubtedly the best model - with all currency scaled in weight and value from that point.



    Think of the message of national solidity that would send - Even the purchase of a bag of crisps would require several pounds weight of good British metal!
    Last edited by pogofish; 14-03-2018 at 1:04 PM.
    • telemarks
    • By telemarks 14th Mar 18, 2:40 PM
    • 161 Posts
    • 115 Thanks
    telemarks
    You can scrap the useless little foolers, but still keep prices the same. The retailer just rounds the total amount at the till down to the nearest 5p to give change.

    After all this happens already every day. If I buy a litre of fuel at 116.6 pence, I don't expect 4 tenth of a penny coins in my change.
    • I am spartacus
    • By I am spartacus 14th Mar 18, 2:42 PM
    • 94 Posts
    • 91 Thanks
    I am spartacus
    Penny for your thoughts?
    I am, therefore I think.

    • I am spartacus
    • By I am spartacus 14th Mar 18, 2:44 PM
    • 94 Posts
    • 91 Thanks
    I am spartacus
    PS
    Charities will lose out, I normally put my loose change in collection tins on shop counters.
    I am, therefore I think.

    • Jackmydad
    • By Jackmydad 14th Mar 18, 3:24 PM
    • 2,489 Posts
    • 7,432 Thanks
    Jackmydad
    You can scrap the useless little foolers, but still keep prices the same. The retailer just rounds the total amount at the till down to the nearest 5p to give change.

    After all this happens already every day. If I buy a litre of fuel at 116.6 pence, I don't expect 4 tenth of a penny coins in my change.
    Originally posted by telemarks
    Yes but they won't round down. They'll round up.
    "Luck happens where hard work meets opportunity"
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

2,526Posts Today

8,137Users online

Martin's Twitter
  • It's the start of mini MSE's half term. In order to be the best daddy possible, Im stopping work and going off line? https://t.co/kwjvtd75YU

  • RT @shellsince1982: @MartinSLewis thanx to your email I have just saved myself £222 by taking a SIM only deal for £7.50 a month and keeping?

  • Today's Friday twitter poll: An important question, building on yesterday's important discussions: Which is the best bit of the pizza...

  • Follow Martin