When I was around 8 or so I used to be sent to the chippy for supper sometimes. Chips were 4d (4 old pence) per portion. My mam used to tell me about when she was around my age then the standard order was a pennorth of chips and a tuppenny fish. Nowadays a portion of chips is around 80p
Where is this going? No I am NOT talking about inflation and the good old days.
The maximum number of coins that my mam could hand over for chips was four farthings. Or she could pay with two halfpennies or one penny. By the time I was sent to the chippy the maximum number of coins I could use was eight halfpennies. Or I could pay with four pennies
Now the maximum number of coins I can use to buy a bag of chips is eighty 1p coins. Or forty 2p coins or sixteen 5p coins, or eight 10p coins or four 20p coins.
SO my mums farthing coin now equates to a 20p coin. My younger self’s halfpenny equates to a 10p coin. Coins under 10p in value are just dross and virtually worthless for every day spending. It is long past time we were rid of them.
Lets say we ditch everything under 10p. We will see a reduction in prices! Most retailers assume their customers are stupid, and that they cant see that 99p is not much different to a £1. If they could not charge 99p, because they could not give change, then have the choice of charging 90p or £1. Most will go for 90p – a 9% reduction in price. Those that opt to go to £1 will generate a 1% increase.
A clean up of our currency is needed. Pennies, two p’s, five pence pieces, and even ten pence pieces are just shrapnel in our pockets.