Nothing remarkable there given that coinage using the 1-2-5 scheme
is the most effective way to handle change - 1p, 2p, 5p, 10p, 20p, 50p,
1 Pound, 2 Pounds, 5 Pounds and so on.What is remarkable is the choice of decorative wording around the edge of
the new coin; Standing on the Shoulders of Giants.
This misquote is taken from a letter by Newton. Anyone who has heard the
quote before would almost certainly know that it should read, Stood on
the Shoulders of Giants.
Didn't anyone at the Royal Mint take the time to go and check the quote ? Or
is it meant to mean something entirely different ?
What ? Or are we talking plagiarism here ?
A perfect imperfection
If you examine a Two Pound coin; you will see, on the zebra skin, stripey
bit ( which is meant to represent Printed Circuit Board tracking ), a small
squiggle.At first I thought this was a defect or scratch on just one coin but it is
present on them all.
As to what it says; I haven't been able to get a magnifying glass strong
enough and don't happen to have a microscope about my person.
My personal belief is that it is a deliberate defect that makes the Two Pound
coin that much more valuable; much like the alleged, deliberate imperfection
placed in hand-made, Persian carpets. Well, alright, maybe not.
Working out what it is actually, could become another one of those
unusal hobbies useful for when boredom
creeps in.
Infuriating a nation of shop keepers
Everyone must have noticed that lots of things are sold in shops with a price
of something plus 99p.So it would make a lot of sense for the Royal Mint to produce a 99p coin.
Not only would this mean that purchasers don't end up with pockets full of
1p coins, which they can never spend, but it would also make it easier on
shop keepers when the bill comes to 1p more than a round number of Pounds
as it so often does.
There are two main reasons for the charging of this awkward 99p; firstly
something at 1.99 GBP is seen to be better than 2.00 GBP as people only really
look at the most significant digit ( although I don't really believe that
works with houses costing 74,995 GBP) and, secondly, it means that the counter
staff invariably have to open the till to give 1p back.
This of course means that they have less opportunity to put the money straight
into their pockets rather than the till.
Shop keepers will have to respond to this threat ( untrusting, tight-fisted
b-----ds that some are ) and will have no option but to reduce the price of
their goods to something plus 98p. Which means we'll all save 1p on
each of our purchases.
I calculate that if 30 million shoppers each saved 1p, five times a week; the
amount of consumer spending would drop by 75 million GBP a year. Which has
got to be good for the consumer and would help to keep expenditure driven
inflation down.
And if the government needs to reduce consumer spending further; mint a 98p
coin.
