Fears over loss of penny

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Bank of England Governor Mark Carney reckons we should consider scrapping the penny as it’s of little value and effectively worthless, but, surely, that would also see the demise of the 2p coin as you couldn’t make 3p without a penny.

This would lead shops to round stuff up to 5p, thus having an inflationary effect.

Anyway, the modern day decimal penny has only been in circulation since 1971 and is part of tradition, replacing the old penny, which dated back to the eighth century when 240 pennies were equal to a pound of silver (hence pounds, shillings and pence).

However, at this moment in time the Treasury, it’s believed, has no intention yet of ridding us of the 1p coin – to see a penny and pick it up and all day long you will have good luck.

Ken Johnson