Time to Kill Off 1p and 2p Coins?

neil_g said:
my grandad has more tech than i do.. :D



but then its easy to keep track if you know your standard outgoings per month, plus balance checker apps etc. out of interest why no intention of internet banking?



seriously though i appriciate physical cash will never be killed off. although i can see it ending up being a 90% cashless environment in a few years.

cheques really do need to die though.
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My regular bills are paid by DD, but I generally only use the debit card once a month...to withdraw cash.
I know then exactly how much I've got to spend....'cause it's in my purse.
I have no credit cards.
I can imagine a cashless society eventually, but not in my lifetime. :-)
 
neil_g said:
that reminds me, its really irritating that people dont use pay at pump where available. espcially in stations where it's not possible to get passed the car in front.
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I never pay at the pump.....no VAT receipt :-)
 
neil_g said:
that reminds me, its really irritating that people dont use pay at pump where available. espcially in stations where it's not possible to get passed the car in front.
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viv1969 said:
I never pay at the pump.....no VAT receipt :-)
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Our local garage has pay-at-pump machines that can issue VAT receipts. At least, theoretically they can, but that relies on the staff bothering to put rolls of paper in the receipt printers and that's where the system falls apart. So I nearly always end up paying in the shop anyway.
 
viv1969 said:
I know then exactly how much I've got to spend....'cause it's in my purse.
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sounds like you need a budget plan to me. i dont think its generally a good idea carrying too much cash about, too much scope for loss or theft. plus coinage in your pocket is plain annoying.

viv1969 said:
I never pay at the pump.....no VAT receipt :)
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thats why i love milage expenses per mile rather than cost of fuel (works out nicer on the bank account too).
 
What I want to know is why brits like to price stuff at xx.99? Why not just round it to nearest pound? or nearest £100 for larger items (eg cars)

I use the single credit card whenever possible and look annoyed at places don't accept card payments. Then at the end of the month, copy+paste the online banking export into my budget spreadsheet and label each spend. Bills are monthly DD and constant. This means I never have to worry about keeping records for spending, everything is clearly labeled and displayed automatically.

So kill off coppers and 5p I'd say. They don't add any value apart from messy change and bulky coin wallet. If you can't pay by card, the 3p gets rounded up to 10p. This way more card adaptation and less coins, win win!
 
Outgoings may well be fairly regular but my income is far from predicable! Why no internet banking? Well, I've never had my chequebook hacked! If there was a viable alternative, I wouldn't use banks at all.
 
wuyanxu said:
What I want to know is why brits like to price stuff at xx.99?
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It's psychological. £1.99 appears cheaper than £2 to some. I never follow that blox though.

Edit. Posting @ the same time.
 
neil_g said:
sounds like you need a budget plan to me. i dont think its generally a good idea carrying too much cash about, too much scope for loss or theft. plus coinage in your pocket is plain annoying.



thats why i love milage expenses per mile rather than cost of fuel (works out nicer on the bank account too).
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I have a budget, that's why I use cash.
I always know exactly how much I have left in the month, and no having to remember how many daft little extras have been paid by card....because it's none.
I've never lost money, not had any stolen, and don't have coinage in my pocket.
And there's nothing better on my bank account than my fuel dealings....unless they start paying me for it!
I fill the car, then I give my boss the VAT receipt and he gives me the cash. :-)
 
Nod said:
Well, I've never had my chequebook hacked! If there was a viable alternative, I wouldn't use banks at all.
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ive never had my bank account hacked. darn sight safer than stuffing it under the mattress :P

viv1969 said:
I have a budget, that's why I use cash.
I always know exactly how much I have left in the month, and no having to remember how many daft little extras have been paid by card....because it's none.
I've never lost money, not had any stolen, and don't have coinage in my pocket.
And there's nothing better on my bank account than my fuel dealings....unless they start paying me for it!
I fill the car, then I give my boss the VAT receipt and he gives me the cash. :)
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fair enough. personally the thought of having all of my unallocated cash on me at all times sounds incredibly sketchy. plus i dont have to have it in my pocket to know what i have left. standard monthly bills and regular fuel and grocery amounts makes it easy to keep track.
 
neil_g said:
ive never had my bank account hacked. darn sight safer than stuffing it under the mattress :p



fair enough. personally the thought of having all of my unallocated cash on me at all times sounds incredibly sketchy. plus i dont have to have it in my pocket to know what i have left. standard monthly bills and regular fuel and grocery amounts makes it easy to keep track.
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Ah, now I HAVE had my bank account compromised, and also a credit card long ago.

Cash....Why sketchy? It's doesn't disappear just because it's not used :lol:
If I have any left at the end of the month, I withdraw less next month.

Sounds like neither system has anything over the other!
Could it be that they both work and it's simply a matter of personal preference??? :eek: :eek: ;)
 
Online banking makes checking how much left you've got to spend easy:
1. log in
2. look at credit card limit left. Have a limit in your mind, eg. £1000 monthly budget, £4000 credit limit. So should say £3500 around middle of the month.
3. done

No need to count cash and coins.
 
wuyanxu said:
Online banking makes checking how much left you've got to spend easy:
1. log in
2. look at credit card limit left. Have a limit in your mind, eg. £1000 monthly budget, £4000 credit limit. So should say £3500 around middle of the month.
3. done

No need to count cash and coins.
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The point is, I don't have to check.
and I don't have credit cards :-)
 
viv1969 said:
The point is, I don't have to check.
and I don't have credit cards :)
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Fair enough. Each to their own.

I always get annoyed at having to use the £10 slip I have in my wallet. Because it's not tracked by my budgeting method.
 
We need to end the culture of selling everything at xxxx.99p and just square up to £1 /£2 and take all this out of the equation.
I do use cash quite a bit as my wife and I often eat and drink out at weekends and use trains and public transport.

Also I don't like to take my wallet or phone out at weekends so we often go out with her small phone and a small purse with keys, and some cash and an emergency bank card.
 
Mr Bump said:
We need to end the culture of selling everything at xxxx.99p and just square up to £1 /£2 and take all this out of the equation.
I do use cash quite a bit as my wife and I often eat and drink out at weekends and use trains and public transport.

Also I don't like to take my wallet or phone out at weekends so we often go out with her small phone and a small purse with keys, and some cash and an emergency bank card.
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Tell Carney! It would be one way of countering economic deflation.
 
Dave1 said:
You are quite unique, I don't know anyone who buys their fuel as 5L or 10L at a time, most people would buy £10 or £20 of fuel and receive 10.69L or 21.38L (at today's price ;)).
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Not unique at all you kinda missed the point, fuel is sold price per litre where it is impossible to buy a litre or even the minimum 5 litres with legal tender
Can you imagine the outrage if supermarkets sold potatoes / cheese etc at say £1.09p per Kg?
you are fully entitled to buy the amount you want. but can't pay for it, with legal tender.
Dave1 said:
I don't see the disappearance of small change having any effect on fuel prices.
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Like everything else, it'll go up ;)

Tigger.ufo said:
I still get paid in a mixture of cash and cheques from my customers whose average age is approx. 80yrs, none of whom have any desire to use anything else...
...just sayin... :D
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As you say, there are a lot of people of a "certain age" that don't have / can't use a computer, let alone have on line accounts, CC etc.
Remember when it was suggested that cheques were stopped?
There was obviously enough of an up roar, to make sure that it didn't happen :)
 
I still use the odd cheque to pay kirklees council when I need to as they are a complet bunch of wonkers and I like to cause them the most agro.
 
Cobra said:
Can you imagine the outrage if supermarkets sold potatoes / cheese etc at say £1.09p per Kg?
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Most delis/supermarkets with a deli counter sell cheese by weight (albeit not that cheap). I see no outrage.
 
Mr Bump said:
We need to end the culture of selling everything at xxxx.99p and just square up to £1 /£2 and take all this out of the equation.
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It is happening. Several major retailers already do this. Ikea. M&S. John Lewis. Next. Debenhams. Sainsburys. And probably loads more if I could be bothered to spend more than 5 seconds thinking about it.

Sainsburys in particular have moved away from this. They sell lots of things for exact multiples of £1. Recently we had a bunch of coupons which gave us £5 off if we spent £60 in Sainsburys. Of course the trick is to try to spend as little as possible over £60, so you don't 'waste' your allowance, and that means keeping a running total as you go round. I was surprised how easy they're making that these days.
 
StewartR said:
No. Please explain.
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Llamaman said:
Most delis/supermarkets with a deli counter sell cheese by weight (albeit not that cheap). I see no outrage.
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Ah my error decimal point in the wrong place.
What I meant to write was 109.9p
Thus selling at a price that was not legal tender.
 
Lots of the products are priced per 100g so something that's £1.25/kg is sometimes also marked as being 12.5p/100g but that is purely for comparison purposes.

When filling up with fuel, I rarely do it by total price - full is full. (Thankfully!) gone are the days of needing to put fuel in a fiver at a time!
 
Nod said:
Lots of the products are priced per 100g so something that's £1.25/kg is sometimes also marked as being 12.5p/100g but that is purely for comparison purposes.
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Maybe so, but that is total packet price, fuel is priced per L ( ie a total packet price)

Nod said:
gone are the days of needing to put fuel in a fiver at a time!
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And when you do, try and round it up to the nearest tenner, it invariably jumps that extra 1p as you re-holster the nozzle :rolleyes:
 
Cobra said:
Ah my error decimal point in the wrong place.
What I meant to write was 109.9p
Thus selling at a price that was not legal tender.
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Prices aren't tender.
Hence exchange rates being calculated to 4 decimal places etc. ;)
 
Would also cause stock exchanges a headache if things needed to be in whole pence.
 
viv1969 said:
Hence exchange rates being calculated to 4 decimal places etc. ;)
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Not everyone is interested in exchange rates, just stuff they want to buy at a proper price.
BUT don't get me started on ( holiday) Euro's either :p
 
viv1969 said:
and I don't have credit cards :)
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I do, and I've used the protections they give on purchases as well. You don't get those with cash. I do still use cash as previously noted, but that's not a reason (for me) not to have a card. I buy so much stuff either mail order or Internet where cash, bank transfer or cheque either won't work or adds extra faff.

Cobra said:
Ah my error decimal point in the wrong place.
What I meant to write was 109.9p
Thus selling at a price that was not legal tender.
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Legal tender has a narrow definition and it has nothing to do with the price per litre of fuel not being a whole number of pence ;) It is the form which someone who is owed a debt is obliged to accept payment. They can accept payment in other forms if they wish, but they must not refuse "legal tender". It's why if you went in to the gas board and tried to pay your bill with a stack of 1p pieces they could tell you to go away, as no more than 20p of copper is considered legal tender. But you can pay with Maundy money or gold sovereigns and they have to accept those.
 
onomatopoeia said:
I do, and I've used the protections they give on purchases as well. You don't get those with cash. I do still use cash as previously noted, but that's not a reason (for me) not to have a card. I buy so much stuff either mail order or Internet where cash, bank transfer or cheque either won't work or adds extra faff.
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Congrats :-)
If I need to purchase online I use the aforementioned debit card, but it's not often. :-)
 
onomatopoeia said:
Legal tender has a narrow definition and it has nothing to do with the price per litre of fuel not being a whole number of pence ;)
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I'm sure there has to be a law somewhere about selling something as a quantity with an ilegal price.
another example, so supermarkets sell mars bars at 55.25p each.
So you cant buy one you have to buy 4 or none.
People would soon switch to snickers, or maybe the sale of mars bars, would actually increase, who knows,
but with fuel they know they have you by the balls and pretty much do as they please.
Bring back the horse and cart and barter for "goods" :thumbs:
 
StewartR said:
It is happening. Several major retailers already do this. Ikea. M&S. John Lewis. Next. Debenhams. Sainsburys. And probably loads more if I could be bothered to spend more than 5 seconds thinking about it.
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When the £1 shops started you knew what you were paying, but what's gonna happen with 99p stores? :LOL:
 
OldCarlos said:
When the £1 shops started you knew what you were paying, but what's gonna happen with 99p stores? :LOL:
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As I understand it there is a merger in the pipe line,
So I'm guessing 99.5p stores :D
 
neil_g said:
that reminds me, its really irritating that people dont use pay at pump where available. espcially in stations where it's not possible to get passed the car in front.
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I'd agree except that our allstar account cards for work don't have a chip and pin , so pay at pump isnt an option 90% of the time
 
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