New Pound coin value

New Pound coin value

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That the new twelve-sided pound coin is probably worth about the same as the old threepenny bit was in its day?

Replies (25)

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By dnicholson
20th Mar 2014 12:57

No
The same thought occurred to me, but when you work it out inflation hasn't been that bad.

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By mrme89
20th Mar 2014 12:59

They should have made the new coin out of rubber so it stretched further.

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By andy.partridge
20th Mar 2014 13:09

Note

Bring back the pound note. At least you could burn it or flush it down the loo.

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RLI
By lionofludesch
20th Mar 2014 13:29

1983

I remember watching a voxpop on the tv news when they first came out.  "It doesn't seem like real money if it's not banknotes" said one old lady.

I can just imagine people saying exactly the opposite when sovereigns were called in.

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By ireallyshouldknowthisbut
20th Mar 2014 13:34

.

I liked that thought.

So for lunch time fun (well we are all accountants) 4 in a shilling, so one shilling = 5p

3 old pennies is 1.25 new pence

Inflation is 12 times since they went out of circulation in 1971, so about 15p.

To make it worth a £1 now, you would have to go back to 1915 prices. 

Shall I get my coat?

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Replying to Gone Sailing:
RLI
By lionofludesch
20th Mar 2014 15:06

Easier way

ireallyshouldknowthisbut wrote:

I liked that thought.

So for lunch time fun (well we are all accountants) 4 in a shilling, so one shilling = 5p

3 old pennies is 1.25 new pence

Inflation is 12 times since they went out of circulation in 1971, so about 15p.

To make it worth a £1 now, you would have to go back to 1915 prices. 

Shall I get my coat?

Gosh!  That's longwinded.  If inflation is twelve-fold, every old penny is would a shilling now.

3d then = 3 bob now.

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Teignmouth
By Paul Scholes
20th Mar 2014 13:48

Why is it going to take so long?

Did I read that it won't come out till 2017 or something?  They should have asked me, I can turn out something similar on my lathe in a few hours, all I need is dimensions & weight.

Yes, it's been a lot easier with the current round one, but I'd give it a go.

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By Rick Deckard
20th Mar 2014 15:07

Circulation?

With a shape like that can it enter circulation?

At least online you can't be hit by tomatoes!

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By ireallyshouldknowthisbut
20th Mar 2014 15:19

.

@lionfludesch, I was born into a decimal world and cant count in 12's. 

 

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Replying to jcace:
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By Life in the old dog
20th Mar 2014 16:26

Farthing

ireallyshouldknowthisbut wrote:

@lionfludesch, I was born into a decimal world and cant count in 12's. 

 

  I hate to admit it, but I can remember when the farthing was legal tender. I always considered it an attractive coin as it had a picture of a wren on it. In case you were wondering there were 960 farthings in a pound.
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Replying to PStreet:
RLI
By lionofludesch
20th Mar 2014 17:00

Me too

Life in the old dog wrote:

ireallyshouldknowthisbut wrote:

@lionfludesch, I was born into a decimal world and cant count in 12's. 

 

  I hate to admit it, but I can remember when the farthing was legal tender. I always considered it an attractive coin as it had a picture of a wren on it. In case you were wondering there were 960 farthings in a pound.

Me too, old dog.

16 farthings = 1 groat

6 groats = 1 florin

2½ florins = 1 crown

4 crowns = £1

What was the problem ?

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By andy.partridge
20th Mar 2014 16:40

960 farthings in a pound

So that's how much hot air weighs.

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Teignmouth
By Paul Scholes
20th Mar 2014 17:48

Shillings & pence

I remember a period where a trick went around school where you put 8 & 11 (8 shillings and 11 pence) in someone's hand then added 5 shillings one at a time, asking them to count them out as you did so, ie 9&11, 10&11 etc etc, till they got to 13&11, most people then counted up the money and found they only had 12&11. 

Ha - I miss those simple days

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By ShirleyM
20th Mar 2014 17:58

I learned all the reciprocals

To do calcs for wages & programming. I still remember them, eg. 17/6p was .875 of a £1, 19/11 was .99583', .etc.

Why is it I can remember things like that, but can't remember the name of the new client I signed up recently?

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By rc.falconer
21st Mar 2014 12:11

Why so long

I assume that the delay is so that vending machines, carpark machines and trolleys can be adapted.

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Replying to AS:
RLI
By lionofludesch
21st Mar 2014 12:15

Indeed

rc.falconer wrote:

I assume that the delay is so that vending machines, carpark machines and trolleys can be adapted.

That's a huge job for the industry.  Though if the size and weight are the same, maybe not.

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By pauljohnston
21st Mar 2014 12:25

Any one got shares in

a company that designs slot machines?  I feel they may be busy and profitable

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By emanresu
21st Mar 2014 12:39

The old threepenny bit ...

... to some of us was a small round silver coin - admittedly more often found in Christmas Puddings than in one's pocket.

In the late 1940s it was worth about 50p in today's terms.

And it was never pronounced "threepenny"  (thr-up-knee bit)

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By andrew.hyde
21st Mar 2014 12:42

Threepenny bit

Some of us remember it as rhyming slang...

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Replying to Adam12345:
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By Richard Willis
21st Mar 2014 13:27

Oh dear

andrew.hyde wrote:

Some of us remember it as rhyming slang...

Lowering the tone Andrew! You aren't based in Bristol by any chance are you?!
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By The Accountant
21st Mar 2014 13:47

Farthings

Yes, I remember spending them - in the little sweet shop on the way to school - Black Jacks or Fruit Salad were four-a-penny and you could buy just one.  Even spent the rarer silver threepenny bit.

When I went to the states the exchange rate was 2.40 dollars to the pound.  Really easy calculating prices as that was the number of old pence to the pound.

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By peterhool
21st Mar 2014 14:11

What a waste of time and money

So the new coin is to prevent counterfeiters, who in one sense on a minor scale are doing far less harm than quantitative easing, so is it really worth the cost and inconvenience of the new coin??

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By Life in the old dog
21st Mar 2014 15:12

£73million

According to this    http://news.bbc.co.uk/1/hi/7988001.stm   there are about £70million in fake pound coins in circulation. Not much compared to government waste granted, but still large scale crime.

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Replying to lionofludesch:
RLI
By lionofludesch
21st Mar 2014 16:17

Peanuts

Life in the old dog wrote:

According to this    http://news.bbc.co.uk/1/hi/7988001.stm   there are about £70million in fake pound coins in circulation. Not much compared to government waste granted, but still large scale crime.

Some MPs claim more in expenses.

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By justsotax
21st Mar 2014 16:19

and the reason for the action...

of course because its the banks who lose out presumably....

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