ken_ichikawa Posted September 25, 2009 Share Posted September 25, 2009 I was utterly utterly bored after having to take an expensive 15 hour bus ride within the UK (I'd have taken the train but it was £312).... I had a thought in that many people cite various things to protecting oneself from the printers... But would my idea I thought of when bored on the bus work?... Ie you still keep cash , ie UKGBP , but instead of keeping paper money you keep ALL of it in coin , say an awful lot of 10 pence pieces...(I think 5 ten p pieces weigh more than a fifty pence piece). In that WHEN the printers get turned on and start producing 50 billion pound notes which will be worth exactly a fiver in purchasing power, you have your tons and tons of coins, coins are made of steel and thus although the face value is utterly worthless you can melt them down and sell the steel / copper for the inflated paper money or export this steel for whatever surviving currencies exist. Since the price of steel will increase along with the devaluation of the currency hence it sort of protects you from hyper inflation. If ( ) the hyperinflation doesn't come you still have ALL your money in legal tender and hence have lost nothing , while the purchase of other assets say shares / gold attracts various fees and taxes etc. Any thoughts? Quote Link to comment Share on other sites More sharing options...
DementedTuna Posted September 25, 2009 Share Posted September 25, 2009 Go for pennies, they are already technically worth more than 1p. Unless they've changed the alloy lately, not sure about that one. Quote Link to comment Share on other sites More sharing options...
Stu1 Posted September 25, 2009 Share Posted September 25, 2009 there was something about this awhile back were the price of copper had gone up so much that a copper 2p was worth more than 2p. http://www.guardian.co.uk/money/2006/may/12/business.uknews Quote Link to comment Share on other sites More sharing options...
Rakno Posted September 25, 2009 Share Posted September 25, 2009 Any thoughts? I think it against the law to distroy legal tender. i.e the bank notes/coins actually belong to the BoE not you. Although it would help with deflation. Quote Link to comment Share on other sites More sharing options...
CarbonBasedLifeform Posted September 25, 2009 Share Posted September 25, 2009 erm have you factored in the fuel costs/equipment costs /ingot mould costs ? thought not? oh well best take another long bus ride Quote Link to comment Share on other sites More sharing options...
ken_ichikawa Posted September 25, 2009 Author Share Posted September 25, 2009 erm have you factored in the fuel costs/equipment costs /ingot mould costs ? thought not? oh well best take another long bus ride Ah but here is the great part you can start burning the worthless paper money as fuel to melt down the coins. Quote Link to comment Share on other sites More sharing options...
InternationalRockSuperstar Posted September 25, 2009 Share Posted September 25, 2009 Ah but here is the great part you can start burning the worthless paper money as fuel to melt down the coins. Quote Link to comment Share on other sites More sharing options...
godless Posted September 25, 2009 Share Posted September 25, 2009 Go for pennies, they are already technically worth more than 1p.Unless they've changed the alloy lately, not sure about that one. They have been copper clad steel since 1992 and are pretty worthless, thats 1p and 2p coins. They have been debasing coinage since 1920 rather regularly. Quote Link to comment Share on other sites More sharing options...
winkie Posted September 25, 2009 Share Posted September 25, 2009 How many fake £1 coins are there now in circulation, and would anyone notice one if they came across one? would you even want to?....maybe some would rather do it themselves. Quote Link to comment Share on other sites More sharing options...
Toilet-Currency Posted September 25, 2009 Share Posted September 25, 2009 It is rumoured that people have been doing exactly this in Argentina in recent times. That is one reason that people put forward to explain the chronic shortage of coins. To be honest, I am not sure why the BofE hasnt already started accumulating 1p and 2p coins, to force prices to the nearest 5p? Things can be priced in multiples of 1 and 2 pence but then you round to 5p for the total bill in the supermarket (as in Argentina) Quote Link to comment Share on other sites More sharing options...
dr ray Posted September 25, 2009 Share Posted September 25, 2009 It is rumoured that people have been doing exactly this in Argentina in recent times. That is one reason that people put forward to explain the chronic shortage of coins.To be honest, I am not sure why the BofE hasnt already started accumulating 1p and 2p coins, to force prices to the nearest 5p? Things can be priced in multiples of 1 and 2 pence but then you round to 5p for the total bill in the supermarket (as in Argentina) Been doing it for months. Pre1992 coppers. If inflation takes off metal will rise in value, if deflation takes off purchase power will rise in value. Never going to make me rich but I enjoy snubbing my nose at the system. Quote Link to comment Share on other sites More sharing options...
Guest_chris c-t_* Posted September 25, 2009 Share Posted September 25, 2009 (edited) This has been going on for quite a while. Some of us alreay have kilos of the pre 1992 copper coins. http://news.bbc.co.uk/1/hi/world/south_asia/6766563.stm Millions of Indian coins are being smuggled into neighbouring Bangladesh and turned into razor blades. And that's creating an acute shortage of coins in many parts of India, officials say. Police in Calcutta say that the recent arrest of a grocer highlights the extent of the problem. They seized what they said was a huge coin-melting unit which he was operating in a run-down shack. The grocer confessed to melting down tens of thousands of Indian coins into razor blades which were then smuggled into Bangladesh, police said. "Our one rupee coin is in fact worth 35 rupees, because we make five to seven blades out of them," the grocer allegedly told the police. "Bangladeshi smugglers take delivery of the blades at regular intervals." also see: http://www.greenenergyinvestors.com/index.php?showtopic=3623 Edited September 25, 2009 by chris c-t Quote Link to comment Share on other sites More sharing options...
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