From January, 5p and 10p coins are set to be minted using from nickel-plated steel instead of the alloy, which has become more expensive as the price of copper has risen in recent years. (There are 3.8 billion 5p pieces in circulation in the UK, and 1.7 billion 10p pieces in circulation, according to the latest figures from March 2009).
The Treasury said the new coins were cheaper to make and the move would save taxpayers money as it will save them some £8m a year.
However whilst you can use them in shops, bars, etc. that same will probably not be possible in many areas for spending these in vending machines, car parks, etc. as last year, vending machine companies warned that the plans could cost the industry £100m in recalibrating machines to recognise both the old and new coins.
Additionally the Local Government Association (LGA), which covers England and Wales, is calling on the Treasury to help fund the estimated Council face for altering parking meters to accept new coins.
Additionally the LGA also called for an urgent decision on whether changes will be made to the £1 coin, to ensure councils do not face the expense for a second time.
All for the saving of , if in deed this saving will be achieved, but can't help feeling that there will be an awful lot of confusion and muddle that will (overall) cost more the the proposed 'saving'.
Don't you just love joined up Government
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