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Following reports of an armed raid (not guilty m'lud) in a nearby town a few days ago in which apparently £20k worth of cash was taken I wondered how much it would cost to replace the notes
Clearly a £10 note has a face value of £10 but how much do they cost to make?
Surely if they replace the notes its devaluing the note.
Note Cost of Production
$1 and $2 5.4 cents per note
$5 10.1 cents per note
$10 9.2 cents per note
$20 and $50 10.2 cents per note
$100 13.1 cents per note
thats USD
according to the [url= http://www.bankofengland.co.uk/banknotes/pages/default.aspx ]bank of england[/url] - only a few pence each. The print set up costs if/when they change note designs are pretty significant, but the sheer size of the print run cancels that out.
Back when there was that big raid in Northern Ireland where millions were stolen, one of the factors that lead to it being returned was with such a significant sum stolen (the cash stolen was the NI design of note) the notes can simply be withdrawn and replaced with a new design, - easy for the general public to deal with as people rarely have more than a wallet full of notes to exchange for new, but impractical with large sums, leaving the robbers with millions in what would suddenly become toy money - meanwhile the sum that had been lost could can then magically re-appear in the bank as new notes. So the thieves would have stolen nothing and the bank would have lost nothing.
I was wondering because if the notes are destroyed by one of those explosive dye box things that the cash in transit people use the notes would be useless but would (I assume) still need to be replaced
I've got a twenty p that's worth about 50 quid if that's any use.
Newer 'copper' coins are no longer made from copper as they began to cost more to make than they were worth.
Newer 'copper' coins are no longer made from copper as they began to cost more to make than they were worth
The old ones didnt have much copper in them just plated, never cut one in half?
IIRC there was a low value danish coin with a hole in that was withdrwan from circulation as people kept using them as washers- cheaper than buying a pack.
The old ones didnt have much copper in them just plated, never cut one in half?
They were mostly copper until the early 90s.
On a related point,
What can you actually buy for a penny, or 2p, these days? Do sweet shops even sell anything at that price any more?
Time we phased them out?
How would you get change from 99p?
2 pence bits are a bit pointless though.
slight change of subject but i cant find an answer to this....
every year x amount of new currency is created (inflation not replacing old notes) but how does that money get from the royal mint into circulation? what is the process?
I was wondering because if the notes are destroyed by one of those explosive dye box things that the cash in transit people use the notes would be useless but would (I assume) still need to be replaced
I quite often get dye stained ones from cashpoints, shops etc. Normally just dye around one edge, say no more than 1cm in.
When the KLF burned a million quid, they were able to get a million pounds back from BoE after paying some sort of printing fee (abut fifty grand maybe?).
Costs me about 45 minutes to make a tenner. 25 if you take skivving into account! 😆
2 pence bits are a bit pointless though.
not at all --they weigh a 1/4 ounce/ 3.5 gramms --handy for weighing small quantities.... 😉
2 pence bits are a bit pointless though.
not at all --they weigh a 1/4 ounce/ 7 gramms --handy for weighing small quantities.... 😉 the penny weighs half that......
breadcrumb - Member
How would you get change from 99p?2 pence bits are a bit pointless though.
We manage here in Australia, your shopping gets added up and then rounded to the nearest 5cp (up or down) for cash on the exact amount for card transactions. Quite simple and heaps less shrapnel to carry round.
on the subject of interesting money facts... it used to be m job to sort usable notes from "dirty" bundles. picking out dyed notes that could be recirculated, burnt notes, water damage and bloodied notes. Minging job!
There was a large batch of fake £1 coins that as metal values soared were worth more than the scrap value of a £1 coin (though not the cash value)
I used to be able to reel off the weights of different values in different notes but not anymore.
Are 1p and 2p pieces worth the hassle any more? The Dutch have a similar system to the Aus system MWS describes and it works really well without any of the faf of having virtually worthless coppers in you pocket. Having said that I'm not sure I'd want the hateful 5p to be our lowest form of currency and a "penny" is something it'd be hard to lose.
I wonder how much charities would lose out if we didn't discard our coppers in the collection boxes at tills?
konabunny - Member
When the KLF burned a million quid, they were able to get a million pounds back from BoE after paying some sort of printing fee (abut fifty grand maybe?).
Is that confirmed - there were a lot of stories about that and whether they actually burned it at all.
I drop copper coins in the collection box by the till - if there is one. I guess man folks do. So surely the charity sector would take a hit if we got rid of the one and two p coins?
Konobunny
Do you have any references about that ? I always thought they kind of regretted it a bit ?
If they made a 99p coin it would cut down on the amount of change we needed.
99p prices exist so cashiers have to give change, making sure that sales get run through the till, cutting down theft by staff and creating better account keeping/ receipt giving.
I drop copper coins in the collection box by the till - if there is one. I guess man folks do. So surely the charity sector would take a hit if we got rid of the one and two p coins?
Not hard to implement a system of rounding up 5p or 10p, then the till records the difference as a charity donation?
Is that confirmed - there were a lot of stories about that and whether they actually burned it at all.
Not really...either I read it in The Face or in Bill Drummond's book 45 or maybe in the Guardian...or something...
meehaja - Member
99p prices exist so cashiers have to give change, making sure that sales get run through the till, cutting down theft by staff and creating better account keeping/ receipt giving.
Maybe that is one reason why they continue to do it. But I think the reason these prices came to be was as a psychological pricing method. Price something at £99 rather than £100 and many people would be more inclined to buy it as it just seems like more than £1 saving. Likewise £8.99 versus £9.00.
konabunny re KLF my sophisticated google skill suggests it was the one million they damaged in "nailed to the wall" that got replaced, the million they burnt either ended up in ash or picked up off the beach by locals on Jura . (or paid back into the bank as 1.3 million )
