Coin of the Realm

[Michael GilliganParticipant @michaelgilligan61133]

Sorry, I don’t recall which recent topic it was … but someone expressed surprise that the modern  ‘copper’ coinage is magnetic.

Here in all its glory is a 2p coin which I received from a supermarket self-checkout machine.

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MichaelG.

[noel shelleyParticipant @noelshelley55608]

Not sure that any of the ” new ” coins looking copper coloured were anything but coated steel and therefore magnetic.

BUT a quick test of loose change reveals that the 2p, 5p, 10p are all magnetic, NOTE the 1p is NOT magnetic.   Noel.

[Michael GilliganParticipant @michaelgilligan61133]

That may be true of YOUR loose change, Noel … but MINE includes a 2015 1p which is magnetic.

MichaelG.

[Dave HalfordParticipant @davehalford22513]

You don’t make from stuff that cost more than the worth of the coin.

Stating the obvious :o)

[noel shelleyParticipant @noelshelley55608]

Hi Michael, they don’t make them like they used to – this one is 1990. Daves post reminds me of a tale my dad told of an Indian coin that had a hole in it, a pice, it was same size as a standard washer and worth less than the washer cost – they all disappeared quite quickly, this was during the 2 WW.  Noel.

[Nicholas FarrParticipant @nicholasfarr14254]

Hi, all 1 & 2p coins minted from 1992 are made from steel, and all 5 & 10p coins minted from Jan 2012, are also made from steel.

I currently have a steel 1 & 2p coin where the copper plating has been damaged and the steel has rusted.

Regards Nick.

[vintagengineerParticipant @vintagengineer]

It came about because you go to the bank and draw out £1000 in coppers and take them to the scrap man and get £1200 for them!

[duncan webster 1Participant @duncanwebster1]

It’s time we dumped 1p and 2p coins. When I was a youth, a pint of bitter was 1s 10d, and the smallest coin in regular use was the halfpenny, so 1/44 of a pint. I know there were farthings,but they didnt get a lot of use. Now a pint is £5, but 1p is 1/500 of a pint

[noel shelleyParticipant @noelshelley55608]

How times have changed ? I can remember being able to buy a penny chew (sweet ) when farthings were still in circulation.  We could get 4 gallons and change from a pound. Ah well. Noel.

[SillyOldDufferModerator @sillyoldduffer]

For nearly 3000 years coins had actual value, a system with many advantages and disadvantages.   Although the Chinese invented paper money, it was the British who made worthless paper valuable by establishing a system of trust.  The Industrial Revolution generated more wealth than could be paid for by exchanging valuable metal, and transporting specie around the world to pay the bills is hideously inconvenient.   And lots of problems caused by the value of metal fluctuating when new sources were opened up in the 19th Century.   So, gold and silver replaced first by promissory notes issued privately and by banks, which soon developed into the banknotes we know today.   WW1 broke metal money because all the protagonists borrowed more money than could be backed by metal.  Coins and banknotes are tokens, not valuable in themselves, that depend on trust, not metal.

The idea that money is a token has gone much further than paper.  Most of the world’s wealth is numbers stored on computers, not paper, not coins, and not necessarily backed by anything physical at all.  This makes us all rich.

Unfortunately, tokens are based on easily lost trust.  Governments print or borrow more money than they should.  Banks loan money unwisely.   People gamble on stocks, shares, property, futures, insurance and other stuff they don’t understand adequately.  Natural disasters, shortages, surpluses, wars, revolutions and dimwit politics rock the boat or worse.  The system is vulnerable to boom and bust as the population gain or lose confidence.  Value often depends on something being delivered successfully in the future.  And the system is global, so risky investments made in the US sub-prime mortgage market, which crashed, end up reducing the value of the pound.

What is money?  I don’t know, it’s complicated.  But if coins are only tokens, sensible to make them from something cheap and hard=wearing, with no tears if they go missing, and easily replaced.  No need for coins to be made of Copper, Nickel, Silver and Gold. Especially as these metals are all more useful in manufactured products than stored in a Piggy Bank!

Dave

 

 

 

[Colin BishopModerator @colinbishop34627]

In 1971, in my second job after leaving school I was working for the Midland Bank as a counter cashier on decimalisation day. Oh, what fun we had…..

Colin

[old martParticipant @oldmart]

Back in 71 when the 50 new pence piece came out, the big joke was of the people filing them down to make 2/6, half dollar coins. I won’t say any more for fear of insulting certain people.

[Mark RandParticipant @markrand96270]

caused massive inflation:- Mars bars went from 0/9d to 4p!

[Author]

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