The end of the Penny

[Accumulator]

Since 1900 the value of currency has decreased by a factor of more than 100 so, give it a few more years and we can safely devalue our currency by 100 and rename the current £1 as a penny. £100 can then be renamed one pound. If it does't happen by decree, it will inevitably happen in practice as anything less than £1 will be useless and coins of £100 will be necessary for purchasing a loaf of bread or a pint (litre or more likely, liter (sic)) of milk.

Unless, as the government wishes (perfect for the big brother state), cash is phased out completely in the meantime!

[Peter]

Yeh Man

Apart from some good Black or Red send me your Pre 1947 coins.

[Generic Lad]

All western currencies (especially the US dollar and the Euro) are declining fast and until hyperinflation comes and the currency collapses I can't see any end to it.

However, if the penny does end up going away I can see a huge opportunity to make a lot of cash by scrapping the copper ones. In the US it is currently illegal to melt down pennies but people have been able to sell them on eBay to speculators who believe the melt ban will be lifted and get 1.5-2 cents per penny, when combined with an automatic sorter such as a ryedale it can be rather profitable. Of course, in the UK one only needs to get a magnet to distinguish between the two.

[argentumandcoins]

The Euro is under more threat than the £.

What we need is a bit of a "dust up"

Why are we conveniently sending our best fighting ship to the Falklands?

Because there are some Pennies there (millions and trillions of them) in the shape of black gloopy stuff and apparently the Argies want Las Malvinas back (nowt to do with the black gloopy stuff of course).

Anyway in for a crap election result in for a war (Mrs T's motto I am told, that is being reborn under the coaffliction government).

[Peckris]

The Euro is under more threat than the £.

What we need is a bit of a "dust up"

Why are we conveniently sending our best fighting ship to the Falklands?

Because there are some Pennies there (millions and trillions of them) in the shape of black gloopy stuff and apparently the Argies want Las Malvinas back (nowt to do with the black gloopy stuff of course).

Anyway in for a crap election result in for a war (Mrs T's motto I am told, that is being reborn under the coaffliction government).

The voter has spoken, and ConDemned the ConDoms

[1949threepence]

What is your take on this?

Do we need the Penny?

My own opinion would be just to stop minting them and leave the ones in circulation as legal tender.They will just phase out naturally.

The penny died in my opinion after decimalisation.

I put all my change 1p's,2p's & 5p's in a tin.Since Xmas I have amassed £2 worth of 1p's.

If we keep the penny I would love to see the return of Britannia for the reverse.

My opinion is that as long as the USA keeps the cent, we should keep the penny. Although I think we could easily getaway without minting any for a good few years. So not dissimilar to your opinion, but keeping the door open for further issues in the future, potentially at least.

I don't like the idea of the 1 & 2p's being demonetised.