[Finance] Keep the Penny in circulation?

[Billy the Fish]

Waste of time, get rid.

 

[Saunders]

It probably does, but the time and effort (wages) for the charities to count it and bank probably cancels out the amount they get.

They will just tip them into a coin counter like at Metro bank it might even have their own charity to pay direct to in the machine.

Also get rid though it might reduce the number of wanky 99p prices, I dont know who they think they are fooling but it just adds to the metal in your pockets.

 

[Triggaaar]

You are aware of money counting machines yes?

I think that's been covered.

 

[Triggaaar]

In bulk, they weigh coins, not count them [cashiers in a bank] and a 2p weighs exactly double a 1p too.

So can a small charity go into a bank with a mass of copper, and the bank will chuck it all in a machine and do everything? I thought they wanted the 1p & 2p coins put into bags of £1 each for them to weigh (same weight, I know).

 

[perseus]

Scoop them up with a magnet; http://blog.royalmint.com/why-are-some-uk-coins-magnetic/

 

[Baldseagull]

So can a small charity go into a bank with a mass of copper, and the bank will chuck it all in a machine and do everything? I thought they wanted the 1p & 2p coins put into bags of £1 each for them to weigh (same weight, I know).

Some do, likewise for Child customers, they stiff the Grannys though.

 

[Tom Hark Preston Park]

I guess the true measure of a useful coin is one you carry around and actually use, rather than one you just stick in a big pot and dump in a charity shop and leg it when that pot is heavy with unused coins. Which is 1p, 2p and 5p coins as a minimum. The same ones you can't be arsed to bend down and pick up off the pavement.

I find it funnier the relationship we have with paper money in the UK. Offer up a £20 note in Saino's that you probably got out of their cashpoint machine five minute earlier and they run some kind of crappy chav-detector pen over it, checking for forgeries. On the remote chance that you try and pay for anything with a £50 note outside of a racecourse, they all but call the cops. It's pathetic, it really is. Pay for your restaurant meal with a 50 euro note abroad and nobody bats an eyelid.

 

[Triggaaar]

Some do, likewise for Child customers, they stiff the Grannys though.

Didn't know that, cheers.

 

[Megazone]

If the 1p goes, does that mean we won't be buying anything at £4.99 anymore?

 

[Steve_PPP]

Interesting one (pence) this.....I assume everything currently priced x.99 would just be rounded up. Supermarket shelves will look sparse with pricing like £2 instead of £1.99 everywhere...

I haven't noticed anyone mention that one of the reasons for having a .99 price was retailer's concerns that the cashier would just pocket the money from customers, but having to give 1p change forced them to open the till. If all the pennies were going back to customers but the till float wasn't increasing, you knew something was up.... But in today's world of contactless cards surely this is less of an issue.

Personally, i quite like the coppers. I never really use them but my 4 year old thinks of them as money as I give them all to her to put in a money box. She probably thinks she's loaded!

 

[Audax]

Australia did this decades ago. About time the UK caught up.

 

[Invicta]

Pointless these days

 

[LlcoolJ]

Personally I'd feel embarrassed throwing a handful of pennies or 2p coins in a charity jar. The same if someone's busking in town. It seems almost degrading to drop a handful of coppers in front of them.

That wasn't what I said.

"Pint of Thatcher's please"

"£2.49 love"

Hands over £2.50.

"Don't worry about the penny, just stick it in the charity box, nice one." Etc.

 

[Saunders]

If the 1p goes, does that mean we won't be buying anything at £4.99 anymore?

4.98 unless the 2p goes as well...4.95 for the 5p etc

 

[Codner pharmaceuticals]

There are some major charity donations here - what maybe 5 pence a week or £2.60 a year.

Gosh we are a generous bunch.

 

[mothy]

Find a penny, pick it up, all day long, you'll have good luck. [emoji848]

See a penny hoover / sweep it up. All the day have good luck / dont give a ....

 

[Greg Bobkin]

Are they taking the (1)p?

 

[dazzer6666]

Get rid, no longer needed.

 

[RandyWanger]

Scrap it, I'm sure if you melted down all the 1 and 2p you have lying around in a jar, it'll be (apart from illegal to deface 'er face) worth more as scrap.

When I was living in Canada, it was refreshing to see that they don't bother, they just round up or down at the till. Makes sense.

 

[BNthree]

It probably does, but the time and effort (wages) for the charities to count it and bank probably cancels out the amount they get.

If they aren't using machines to sort and count the coins they are stuck in last century. Banks used to do coin totals by weight (as in a kg of coins = certain £) so assume at the least charities do the same.