Money talk

Stephen McGinty’s article (13 April) lamented the demise of the £1 note, and after that the £1 coin when handling cash will eventually be a thing of the past.

His picture of the RBS £1 note reminds me that a Bank of England note had to be held as backing for every Scottish note issued. McGinty’s “feeling of fiscal security” is the preserve of the government: actual money is the preserve of the Bank of England.

His mention of Thatcher, the grocer’s daughter, and the contents of the cash register, brings forth my plea for modernising the coins therein.

Hide Ad
Hide Ad

Before decimalisation in 1971, the Sandilands committee came up with the idea of a half penny, which was afterwards rejected by the public as so valueless that it was subsequently discontinued.

Every retailer knows the dead weight of 2p and 1p coins in their cash drawers all have to be emptied and counted, which is a time-consuming and costly exercise. Do away with them and have the lowest denomination 5p – space saving, lightweight, and 20 to the pound.

It would also put prices down, as something priced at £3.99 (to make the mind think £3 instead of actually £4) would now be priced at £3.95.

Ronald Rankin

Dalkeith

Midlothian

Related topics: