Disappearing coppers ?

[thurmownator]

I'm curious what the latest thinking is in Britain, regarding removing the 1p and 2p from circulation; and rounding purchases up ?

Australia and New Zealand have already done it ('90 and '91 respectively) and earlier this year (July) New Zealand additionally removed the five cent coin from circulation.

Again, just curious what the numismatic community in the UK is hearing.

Cheers,

Mike from Austin (TX, USA)

[scottishmoney]

The Royal Mint has issued a notice that the melting of coinage is an offence, and is punishable. So then you have to export the coins to be melted, an added expense, and could also be illegal.

[TheStalker]

i was reading that the coppers have a higher price in copper content then the face value of the coin

2p is more like 5p in copper so they are being melted down over here and sold as scrap

it is a crime to deface any money or stamps with the queens head on i think

its one way to double your money over night but you would need a hell of alot of coppers

and a melting machine to make £500 out of it,

this could be one of the reasons that there thinking about scraping the coppers

[thurmownator]

Stalker,

Keep in mind that "coppers" refer more to the color of the coin versus the actual metal content.

Pre-decimal farthings, half pennies and pennies were made of bronze the last one hundred years or so of their lives (since 1860). Decimal half pennies were bronze during their short life and the decimal pennies and two pence were bronze until 1992; at which time they were made of copper plated steel. Not exactly the copper content needed to make a profit.

Like Australia and New Zealand I was just wondering if there has been any rumors in the UK numismatic community about doing away with the 1p and 2p for inflationary reasons. Much like the decimal half penny was removed from circulation by 1984.

i was reading that the coppers have a higher price in copper content then the face value of the coin

2p is more like 5p in copper so they are being melted down over here and sold as scrap

it is a crime to deface any money or stamps with the queens head on i think

its one way to double your money over night but you would need a hell of alot of coppers

and a melting machine to make £500 out of it,

this could be one of the reasons that there thinking about scraping the coppers

[Chris Perkins]

BBC three counties spoke to me on air about the rumour of doing away with the penny and twopenny. I told them my idea about making the shilling king again and having a decimal pound made up of 20 shillings (5p's).

[josie]

I think the value of 2 pence and 1 penny exceed it value and worth melting down like the case of 1906 peso US-PHIL. coin,They nab a man trying to slip a bulk of 1906 peso because the silver content is much more than its face value,.so the goverment UK issued a noticed,It is alarming.

[scottishmoney]

Recently in the Phillipines a group of individuals were indicted on charges of exporting current Phillipines coinage to Korea where it was melted for scrap value.

Many countries have coinage circulating that has metal value in excess of it's nominal governtment appointed value.

[Gary D]

Recently in the Phillipines a group of individuals were indicted on charges of exporting current Phillipines coinage to Korea where it was melted for scrap value.

Many countries have coinage circulating that has metal value in excess of it's nominal governtment appointed value.

Yes and it was one or perhaps 2 containers full of coinage.

[josie]

I didnt now that, Thank you for the info,Hope that he will have the same faith like others in the past, there was a sumpre court ruling on economic sabotor slipping coins out of the country.

[scottishmoney]

I wonder if the BRM would have a cow about people melting off old pennies and halfpennies, I have about £85 face in them, literally! They are residing in huge canvas bank bags. I would never melt them, there is stuff in those bags going back to William III and lots of Victorian pennies, but I imagine some of the 1967 pennies are worth more in intrinsic value than collector value now.

[TomGoodheart]

but I imagine some of the 1967 pennies are worth more in intrinsic value than collector value now.

I can't imagine a time they weren't!

[Chris Perkins]

Probably all 1964 to 1967 halfpennies and pennies are worth more as copper bullion (!) than they are as coins.

[scottishmoney]

Probably all 1964 to 1967 halfpennies and pennies are worth more as copper bullion (!) than they are as coins.

Maybe they have utilitarian and as of yet unutilised functions, perhaps holes can be drilled and they will serve as attractive washers.

[TheStalker]

i was only reading last week in the london papper THE EVENING STANDARD about how bad it is

the 1p & 2p coins have to be pre 1992 as they are 97% copper

as thurmownator said post 1992 they are steel with a copper plating

heres a BBC report on the issue

BBC REPORT

TheStalker