The long term effects of inflation have left us with a debased coinage that is overdue for reform. Our highest denomination circulation coin – the £2 piece – is no longer even capable of buying a copy of the Sunday Times or a Starbucks coffee. Lower denominations are fast becoming functionally useless. Rishi Sunak’s COVID-19 stimulus programme represents money printing on an unprecedented scale and this heaps further inflationary pressure into the system. Contactless payments are on the rise and without some drastic action coin use may become obsolete. What should the Royal Mint do? Perhaps go back to basics rather than deluging us with yet more “collectible” and “commemorative” offerings.
8 thoughts on “Britain’s Deplorable Coinage – Not Fit For Purpose – Graham Birch.”
I think that Graham Birch’s article is extremely interesting and thought provoking. I feel it a pity that he has ‘politicised’ it with his comment of ‘a looming BREXIT fiasco’.
You make a fair point. Sorry!
Great blog post! Very true not only in the UK, but in most places throughout the world. It’s time for coinage to catch up with inflation!!
Thanks for the kind comment. I agree that its not just in Britain – this is a worldwide problem. There needs to be a national conversation about this.
Great article, really enjoyed reading that one. Love the idea of some higher denomination coins.
Putting photographs on coins as a design never works, one of the reasons for such poor quality commemorative coins and stamps produced in recent years in Britain.
Thanks for your kind words. Glad you liked the blog.
I agree that photographs have no proper place on a coin – although I would argue that most Royal Mint coins are manufactured very well. Its a conundrum that minting standards are perhaps the highest in the Mint’s history while the utility of the coins is at a low point.