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Old May 12th 19, 04:24 PM posted to uk.finance
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Default Why can't we get rid of 1p, 2p, 5p coins?

Why can't we get rid of 1p, 2p, 5p coins? They're virtually worthless.

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Old May 12th 19, 06:19 PM posted to uk.finance
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Default Why can't we get rid of 1p, 2p, 5p coins?

On 12/05/2019 16:24, Commander Kinsey wrote:
Why can't we get rid of 1p, 2p, 5p coins?* They're virtually worthless.


Go into a supermarket with self-service checkouts.

If it takes coins use as many as you like.

If you have overpaid it will return the excess as largest coin refund.


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Old May 12th 19, 07:45 PM posted to uk.finance
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Default Why can't we get rid of 1p, 2p, 5p coins?

On Sun, 12 May 2019 18:19:20 +0100, Flop wrote:

On 12/05/2019 16:24, Commander Kinsey wrote:
Why can't we get rid of 1p, 2p, 5p coins? They're virtually worthless.


Go into a supermarket with self-service checkouts.


In Morrisons it would probably say "surprising coin in the chute!"

If it takes coins use as many as you like.


Yeah and have every other one pop back out when it can't recognise it. I never attempt any kind of cash with those useless things, just a debit card.

If you have overpaid it will return the excess as largest coin refund.


I know I can get rid of them that way, or even easier just deposit them in my bank next time I'm there. But the point is we just don't need them. We could then do away with this 4.99 **** and just have things for 5.
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Old May 13th 19, 01:11 AM posted to uk.finance
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Default Why can't we get rid of 1p, 2p, 5p coins?

On Sun, 12 May 2019 16:24:04 +0100, "Commander Kinsey"
wrote:

Why can't we get rid of 1p, 2p, 5p coins? They're virtually worthless.


We can get rid of them, but the Treasury has decided not to.

If we did then prices would have to be rounded off to the nearest 5p,
and you can bet your life they'd be rounded UP to the nearest 5p.

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Old May 13th 19, 03:59 PM posted to uk.finance
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Default Why can't we get rid of 1p, 2p, 5p coins?

On Mon, 13 May 2019 01:11:07 +0100, Chris in Makati wrote:

On Sun, 12 May 2019 16:24:04 +0100, "Commander Kinsey"
wrote:

Why can't we get rid of 1p, 2p, 5p coins? They're virtually worthless.


We can get rid of them, but the Treasury has decided not to.

If we did then prices would have to be rounded off to the nearest 5p,
and you can bet your life they'd be rounded UP to the nearest 5p.


Rubbish. Prices are governed by competition between businesses. If you currently buy something in Asda for 47p, they could make it 50p, but Tesco might make it 45p and everyone would go there instead.


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Old May 15th 19, 06:09 AM posted to uk.finance
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Default Why can't we get rid of 1p, 2p, 5p coins?

On Mon, 13 May 2019 15:59:43 +0100, "Commander Kinsey"
wrote:

On Mon, 13 May 2019 01:11:07 +0100, Chris in Makati wrote:

On Sun, 12 May 2019 16:24:04 +0100, "Commander Kinsey"
wrote:

Why can't we get rid of 1p, 2p, 5p coins? They're virtually worthless.


We can get rid of them, but the Treasury has decided not to.

If we did then prices would have to be rounded off to the nearest 5p,
and you can bet your life they'd be rounded UP to the nearest 5p.


Rubbish. Prices are governed by competition between businesses. If you currently buy something in Asda for 47p, they could make it 50p, but Tesco might make it 45p and everyone would go there instead.


So even if (and it's a very big if) Tesco did reduce the price from
47p to 45p and Asda increased it to 50p then the average price of that
product has increased by 0.5p.

You must have forgotten what happened in 1971 with decimalisation.
Prices had to be rounded off, and in almost every case they were
rounded upwards.

Rather than reducing the price to 45p, past experience has shown that
both stores would increase the price to 50p.
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Old May 15th 19, 12:09 PM posted to uk.finance
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Default Why can't we get rid of 1p, 2p, 5p coins?

On Wed, 15 May 2019 06:09:22 +0100, Chris in Makati wrote:

On Mon, 13 May 2019 15:59:43 +0100, "Commander Kinsey"
wrote:

On Mon, 13 May 2019 01:11:07 +0100, Chris in Makati wrote:

On Sun, 12 May 2019 16:24:04 +0100, "Commander Kinsey"
wrote:

Why can't we get rid of 1p, 2p, 5p coins? They're virtually worthless.

We can get rid of them, but the Treasury has decided not to.

If we did then prices would have to be rounded off to the nearest 5p,
and you can bet your life they'd be rounded UP to the nearest 5p.


Rubbish. Prices are governed by competition between businesses. If you currently buy something in Asda for 47p, they could make it 50p, but Tesco might make it 45p and everyone would go there instead.


So even if (and it's a very big if) Tesco did reduce the price from
47p to 45p and Asda increased it to 50p then the average price of that
product has increased by 0.5p.

You must have forgotten what happened in 1971 with decimalisation.
Prices had to be rounded off, and in almost every case they were
rounded upwards.

Rather than reducing the price to 45p, past experience has shown that
both stores would increase the price to 50p.


A store has to make a certain profit to stay in business. Prices will be adjusted for that, and competition with others.

Anyway it's worth it to get rid of the monumentally stupid 5.99 ****. It does not look less than 6, we're not thick!
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Old May 15th 19, 12:35 PM posted to uk.finance
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Default Why can't we get rid of 1p, 2p, 5p coins?

On Sun, 12 May 2019 16:24:04 +0100, "Commander Kinsey"
wrote:

Why can't we get rid of 1p, 2p, 5p coins? They're virtually worthless.


I thought they were worth 1p, 2p, & 5p respectively.

My pint jar full of shrapnel is certainly not worthless.

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Old May 15th 19, 01:07 PM posted to uk.finance
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Default Why can't we get rid of 1p, 2p, 5p coins?

On Wed, 15 May 2019 12:35:28 +0100, AnthonyL wrote:

On Sun, 12 May 2019 16:24:04 +0100, "Commander Kinsey"
wrote:

Why can't we get rid of 1p, 2p, 5p coins? They're virtually worthless.


I thought they were worth 1p, 2p, & 5p respectively.

My pint jar full of shrapnel is certainly not worthless.


So you'd also be happy with a 50 tonne jar with 0.000001p coins? At some point we have to say it just isn't worth handling such worthless coins. It's a long time since 0.5p coins went. It's high time the next ones went.
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Old May 15th 19, 01:49 PM posted to uk.finance
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Default Why can't we get rid of 1p, 2p, 5p coins?

On 15/05/2019 13:07, Commander Kinsey wrote:
So you'd also be happy with a 50 tonne jar with 0.000001p coins?* At
some point we have to say it just isn't worth handling such worthless
coins.* It's a long time since 0.5p coins went.* It's high time the next
ones went.


Given that a pre-1992 penny is actually worth about a penny for its
metal content, I imagine a 0.000001p coin would be worth several orders
of magnitude more than its face value.

Post 1992 pennies are probably worth around 0.2p, for the metal, being
mainly steel.



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