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MickB

Future of 1p & 2p coins questioned.

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I can see the 1 & 2p coins being withdrawn eventually as they are more of a hindrance in the pocket for what they are worth.

Quite a few people drop them into charity collecting tubs whilst at a shop counter as they don't want the burden of them. As I don't smoke the ashtray in my car is full of them. Also got a large jar full of them in the house. People I work with just throw them away when they get a few in their change.

The days of buying something for 99p and thinking it's a bargain compared to paying a quid are gone as most people tell the seller to keep the change or ask them to round it off to a pound to save the weight in their pocket.

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12 minutes ago, MickB said:

Quite a few people drop them into charity collecting tubs whilst at a shop counter as they don't want the burden of them.

I can see charity box donations taking a massive hit. Also lots of people feel like they're doing just a little bit for others every time they shop and get a few coppers. It may be all they can really afford e.g. pensioners but they still feel they're helping others.

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Seeing that the pre92 copper pennies an 2pence are worth roughly 1.8 times metal value over face, If you stack £1K worth of these, when they go out of circulation and hence legal to melt, they are worth at least an extra £700 in your pocket if you get scrap value for them. 

I hope my math's right: 

  • Pre sept 1992 1p = 3.56 grams of which 97% is copper, 2.5% zinc and 0.5% tin.
  • £1000 in 1 p coins  = 100,000 pennies, total weight 356,000 gm or 356 Kilos.

Using an online calculator: 


image.png.0ee6bdc5a6084aeecf9da3813d70cab7.png


Personally if I had a tonne of money - I would be quite interested in going down this route large scale: 

WATCH THIShttps://www.youtube.com/watch?v=7Es-pATepMg

You could even use a machine to do this at scale at home: 
 

 

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