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Withdraw all 1p and 2p copper coins, and sell them as raw metal

Submitted on Thursday 25th August 2011

Published on Thursday 1st September 2011

Current status: Closed

Closed: Saturday 1st September 2012

Signatures: 14

Tagged with

Britain ~ Economy ~ England

Petition Action

Withdraw all 1p and 2p copper coins, and sell them as raw metal

Additional Information

If the Government withdrew all 1 and 2 pence pieces from circulation and sold the copper as raw metal, this could bring in an estimated £7.8bn to the economy in a perfect scenario (based on today's LME £8.832/kg valuation - 25th Aug 11). Bearing in mind the following factors, the actual amount raised would be smaller: not all coins would be returned; the value of copper would decrease marginally due to the increased supply; the cost of melting down the coins.

An additional benefit would be that the Bank of England would avert the need to produce further coins, thus saving future minting costs. It would also make transactions simpler as all amounts would be rounded to the nearest 5p.

In the future, cash will eventually disappear altogether so it's time Britain took the initiative. Act now and sell our copper coins before their value falls. Surely this is one of the easiest and most painless ways to raise significant funds as we try to rebuild our economy?

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