With Canada getting rid of the one cent coin, discussion has been underway in the UK about the future of the 1p and 2p coins. Can retailers see a time when we no longer use coppers, and are they something we could live without today?
Javid Ghafur
Londis retailer
As it stands we use around £60 of coppers every week in the shop. We get the coins from the bank, they’re handed out in change and we never see them again.
We certainly couldn’t do without them at this point in time. The amount we use hasn’t changed much in 10 years, but the charity tubs are filled more frequently now by customers dropping their change in. We don’t have too many card payments either. Customers tend to use the free ATM to get cash.
Farah Ahmed
Londis retailer
I certainly hope it doesn’t happen. Almost every price in the shop would need changed, and retailers would be left with the decision of whether to round prices up or down, which could affect margins. As shopkeepers we would be majorly affected, but in the same breath so too would consumers and the economy overall. If you look at the way the country is moving, things are getting more expensive. I genuinely believe getting rid of coppers would push that further.
Des Barr
Independent retailer
We round most products up to a round zero or 5p anyway, so we could live without them. We’ve been doing that for a while now. Charity boxes across Scotland would lose out substantially I suspect, that would be one clear downside. If you look at something like newspapers, prices are rounded there already and the rise of pound shops means attitudes have changed. It’s about value, and for younger people especially, coppers don’t have value. There’s logic in moving on.
Omar Nasir
Spar retailer
I think it might happen eventually. When you look at the discussion around Sterling and Scottish independence, we might not have a pound in the future, never mind a penny piece! For now though, there’s a perception of value around that 99p mark and so we hand out a lot of pennies. I go through maybe £1,500 of change every week and the majority of our sales are cash sales, because we have a free ATM. People will still stand and wait on 1p or 2p change, so it’s as important as ever.