All hail the two pound coin – the saver’s champion

28 March 2017

The two pound coin has to be Britain’s most-saved coinage.

Where the pound coin is the most common ingredient in our pocket change, the two pound is a larger and more infrequent guest. Its higher value and bulky size encourage us to do something with it rather than lug it round in our pockets and purses. That’s why I and countless of my fellow Brits use £2 coins as the simplest of savings schemes.

If you don’t have a jam jar, piggy bank or other type of pot that you regularly throw your pocket change into then I’m sure you know someone who does. The danger of throwing any old coin in the pot is the smaller value ones are just too useful. If you need change for a parking meter or an emergency pint of milk and you don’t have enough on you, you will raid the savings jar. The two pounder is too high a denomination to be useful in that way, and is pretty much perfect for saving.

In my family we have a simple rule; if you get a two pound coin it goes in the sealed pottery pot with “holiday fund” written on it. No exceptions, no ifs no buts. If you have one it goes in the pot.

My wife and I tend to put in the majority. Every day on our commute to work we park our car in the train station car park and pay our £3 fee. We hand over our crisp plastic fiver and nine times out of ten we receive back the weighty two-toned coin.

The value of the coin means the money quickly adds up. Our pot – a pale blue painted terracotta dome of the kind that can be found at most greeting card shops - usually takes us about 18 months to fill to capacity. When we cannot cram a single extra coin into it we break out the hammer. The contents are rapidly piled into £10 columns, then into £100s. Experience tells us that our size of pot usually yields around £900.

The only downside of this savings scheme is the arm-wrenching trip to the bank to cash in these heavy chunks of metal, and possibly the withering looks from the unlucky cashier who has to lug your deposit to the coin counting machine.

The family savings pot encourages you to save together for a shared goal. A holiday, Christmas, even a family pet. It is an ideal tool to instil the savings habit in children, especially if part of their pocket money just happens to be a two pound coin.

In my opinion it’s by far the best thing to do with a two pound coin. It’s a more certain payout than spending it on the lottery, and much more healthy than using it to pay for your next latte or espresso.