Saturday, 29 October 2016

cashless vanguard

The new £1 coin is being minted, ready for introduction in a couple of months. Like the old thrup'ny bit, it has 12 sides and the new coin is supposed to non viable to forge, compared with the ease with which current dud £1 coins are in circulation.

The old coin was 3/240ths of a £1, or worth just over 1p in today's currency. Its buying power by 1971 decimalisation was somewhat higher though, at about today's equivalent of 15p or three bob in old money.

So in buying power, that's 15/100th of a £1, a 12 times reduction in value over 45 years, or nearly 15 times reduction with recent currency fluctuations.

Maybe cashless society already has another meaning?

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