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New 99p coin could save millions


Scottish Mag
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The British public is literally throwing away millions of pounds each year.

 

Those annoying coppers weighing down your pockets or clogging up your purse would be a thing of the past if a 99p coin were to be added to the UK’s currency.

 

The new coin, mooted by Virgin Money, would save consumers more than £133 million in discarded change a year. It would also come in handy for all those items sold for 99p.

 

Virgin’s research found most Brits collected their coppers but we’re still throwing away more than £10 million in shrapnel every month. That’s enough to pay more than 2.6 million parking fines or to buy more than 44 million pints of beer each year.

 

Youth have the biggest problem with coppers: nearly half claimed they don’t like carrying small change around, compared to only a quarter of fifty-somethings.

 

More than half of 16 to 24 year olds and a third of men would welcome the new coin, Virgin found.

 

Its research also revealed:

 

Four in 10 Brits preferred to break a £1 coin or note rather than count out coppers, leaving the average person with £10 of unspent coppers jingling in their pockets each month.

One in 10 put their loose change to good use by donating it to charity

A savvy 52% kept a copper jar to save their small change

40% of shoppers refused to count out coppers at the till

Men were less likely to use small change than women: 59% of women used small change before breaking a note, compared to only 47% of men

Scots were the most charitable sector, with 12% giving their small change to charity, compared to only 3% from the north east

16 to 24s were the most charitable age group, with 15% giving their small change to charity, compared to only 4% of 35 to 44s

Only 8% of the population agreed with the 99p pricing policy, which gives the impression that an item is better value for money

The alternative to a 99p coin could be to follow the lead of other countries and remove coppers from circulation altogether, rounding all purchases to the closest 5p.

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If they brought in the 99p coin then chances are prices would become 98p rather than break the magical 99p barrier. Thereby in a few years the 98p coin would be introduced, al 97p etc etc etc.

 

woohoo! reverse inflation I like it!

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Why don't they just stop companies charging £x.99p for things!!

18633[/snapback]

 

so what you're proposing is forcing companies to increase their prices and as a result stop charities from benefitting? you barsteward! :lol:

18636[/snapback]

 

 

Nah i meant reduce everything in price by 99p and give that money to charity :lol:

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Seems mad, it would be hard to ever aquire a 99p coin in change ! surely the reason to bring in the 99p coin is to avoid the use of the 1p, as I heard in the media this week over £100m is lost each year in coppers from the £x.99 pricing in shops, but if you had a £5 or a £10 note you would still need a 1p to round your 99p coin up to a £1 ! so whats the point ?

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This was an item on The Monster-Raving Loony Party's election manifesto.

 

Another one was all policemen had to say "Allo, Allo Allo" whenever they greeted someone.

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speaking of Pound shops, the Everything's £1 shop in Eldon Square. Could you go in, hand over £1 and say I'll take the lot?

18938[/snapback]

 

No.

19592[/snapback]

 

B) Straight from the 'Ye Olde Book of Timeless Puns'.

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