The UK's HM Treasury and Royal Mint have pushed back the introduction of new thicker 5 and 10 pence coins, originally scheduled for January. The new release date was delayed until April, and many are hoping for further delays, because the new coins don't fit the existing 400,000 parking meters, as well as vending machines, across the UK. Presumably the delay was for this reason.
Here's the math. The UK government expects that switching to nickel-plated stainless steel (from the current nickel and copper alloy) would save between £7 and £10 million per year - I have seen both numbers in the press.
According a September 8 article in The Daily Mail, "the move could cost the vending industry as much as £100 million. It could also lead to higher council tax bills as local authorities face huge costs in modifying parking meters."
Is it worth saving £10 million per year and burden the industry with ten times that amount?
Maybe this is a good time for UK town councils to move to credit card-only meters - see points 11 and 16 on JVH's 2011 Parking Predictions list in yesterday's blog.
Pete Goldin
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