The pound note was soon pushed into retirement, and I wish the 1p piece, and the 2p as well, would beat a retreat too.
I have far too many coppers filling up an assortment of bags and taking up my storage space. It’s a job to know how to spend them. You are not going to endear yourself to any shop assistant by paying for a carton of milk with 89 little coins. It’s a real bore counting them out and putting them in little bags to take to the bank and exchange for a few pound coins. In an era of online financial transactions there doesn’t seem much point in making a trip to your local branch just for this. For anyone averse to queuing, banks are joining post offices as places best avoided. The banks seem to be acknowledging this themselves by opening many branches mornings only.
Who – apart from children – buys penny sweets? Inflation has probably put paid to most of those, anyway. I recall the days when a packet of polos cost 10p, making it quite feasible to pay with ten 1p pieces, but its current price of around 45p puts paid to that idea.
So, Bank of England, cease your deliberations over quantitative easing and instead withdraw the penny. The retail price adjustment from £1.99 to £1.95 would leave us with more money (5ps this time) in our pockets and might even help stimulate spending.