They cost more to make than they're worth, and no one actually uses them
The government's launching a consultation on whether or not to get rid of 1p and 2p coins, in a move towards encouraging cashless and digital payments.
What it means: Apparently 60 per cent of copper coins only get used in one transaction before they leave the money system (they call it leaving circulation): they get put in a drawer, or a plastic bottle, or a piggy bank and then forgotten about – 8 per cent just get thrown away.
Copper coins cost more to produce than they're worth (mind blowing, really) and it's estimated the coin-making people (the Royal Mint, sounds v.cool) produces 500 million 1p and 2p coins a year just to replace the ones leaving circulation.
The fact is, the way we use money is : how many people stand and count out coppers anymore, rather than just tapping their card? Nothing costs 1p (not even penny sweets), and business are apparently setting prices to round numbers to avoid getting them, and lots of vending machines don't even take them, and it makes you wonder why the government hasn't done this sooner. Arrivederci coppers, been nice knowing you.
…and who’s getting the bill for all this? Money is such a core part of the economy, and a lot of economic power lies in the hands of those who print it, earn it, and spend it. But money’s not just as a tool for exchange; it’s taken on a value in itself, and there’s a whole economy around money alone…
