One-penny-pieces

RIP copper coins

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.

Read the full story (The Guardian)

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Reader Comments

  • RW

    Your right to a degree. You mentioned “the wandering Jew”.

    I elaborate that the Jewish people, historically have tended to migrate almost exclusively to locations that are economically and culturally vibrant already. I would speculate that Jews have thrived in these places and have often improved the bounds of their economies and knowledge base.

    You can also ask; how many massive entertainment conglomerates, Nobel winners or billionaires has Isreal developed? If Jews are so capable, why isn’t Tel Aviv the Rome of our time?

    Jews are successful because they value education, maintain a strong social cohesive, they actively monitor and have a good sense for Zeitgeist wherever they are and they carefully choose the places they settle and congregate themselves heavily in these choice locations.

    But most importantly (haulocaust increased the importance of this aspect), they actually designed their culture for success. They not only attend Harvard, they use what they learned to better the group as a whole. With as much, they studied intricate networking systems, adapted to it and in many cases improved upon them. (See how Japan acquired Aegis warships and made them better).

    Of course there is nothing wrong with any of this. It’s when you elaborately gain disproportionate power in any society where you would stand out, you must take care when attempting to make a society better (Civil Rights movement) and rewriting that society all together (mass immigration). Ask blacks in China, Mexico, Philippines or India how much opportunity they have? Go to businesses owned by their American diaspora and see how many blacks they hire. Go to Silicon Valley and see how many East or South Asian tech workers wish they could work with more black people. California might work as a state, but as a nation, I think your rolling the nuclear dice here. I hope we can succeed as a tolerant pluralistic superpower but at this stage in human societal development, it’s a pipe dream.

    And if Jews really are the icon for success, they would see that fundamental human successes happen over generations. Just look at the rest of the planet? Are we ready?