Smallest paper denomination in UK is the £5 note. Light to carry, heavy on expenditure because it is taxed, spend it and around 40% of it, perhaps slightly more, ending up in the treasury reserves.
Face value should = £5.00. Spend it at risk.
UK went £1 coin in 1983. Our folding greenback relegated to the ash bin. One of the last produced below;
To be replaced with this;
Historically most transactions before time were bones, metals, stones, flint, shells et al. Barter was a traditional way of trading without the use of currency as we now know it.
This tradition is now back in fashion and becoming the norm!
Is it cheaper to produce coin against 'folding'? Having this loose coinage running around the pockets seems to have brought previously retired seamstresses back into the sewing industry.
So, are we being stitched up and should we get the needle about it?
Well, yes. There is a chronic shortage of £5 notes so proffering a £10 note for a small purchase and no Lady Godiva's (fivers) to hand or in the 'Jack & Jill you end up with a pocket of heavy loose change. Hence seamstresses coming out of retirement.
One of the problems with coinage as opposed to folding is this; http://www.guardian.co.uk/mone.....pound-coin
And I suspect the US may suffer from the same problem as did Europe with the € coin.
That's my Sunday afternoon input.