End of an era for the old pound coins
There are just days to go before old pound coins go out of circulation and head into retirement having made way for a new shinier 12 sided coin. As it moves from currency to history, the world of today’s pound is very different to the world of the round pound that made its first appearance 34 years ago.
Back in 1983, when the round pound coin was introduced, its purchasing power was considerably different. When the round pound replaced the one pound note, it could buy a pint of milk (21p), a loaf of bread (38p), a dozen eggs (68p) and even a pint of lager (93p when records for this began in 1987). Today’s pound coin won’t bring home the bacon in the same way with that loaf of bread costing an average £1.03, a dozen eggs are now £2.08 and a pint of lager is an average £3.59.
However, on the holiday front and in relative terms taking inflation into account, your pound today can take you further than ever before. Since the 1980’s, there have been unprecedented changes in the world of travel from low-cost airlines to TripAdvisor, Airbnb to Uber and the rapid growth of the internet has opened up the world enabling everyone to book their own holiday in just a few clicks. Numbers have grown dramatically with 45 million holiday visits abroad from the UK last year compared to just 14.5 million in 1983.
In 1983, a holiday abroad cost an average of approximately £189 per trip but based on the annual inflation of the Retail Price Index, that cost would be £614 today not that far from the average cost of a trip last year at £669. It’s no surprise that the number of trips taken every year has increased significantly since 1983 but one thing has remained constant, the Brits’ love of Spain which consistently tops the most popular destination for visits from the UK.
Back in 1983 before the introduction of no-frills airlines, the average flight cost £410 which is equivalent to £1332 today. Last year, the average flight cost was £698 offering better value for travellers today with flights available from as little as £30 return.
One of the biggest differences in holiday habits since 1983 is the decline of the traditional two-week holiday which has been replaced by more frequent shorter breaks. This year, city breaks are projected to be the top holiday choice, which is unsurprising with flights to European cities available from less than £60 return. A great way to use up those round pound coins.
Whilst the value of the pound has taken a battering against the Euro, currency conscious holiday makers can head to destinations where the pound is stronger such as Croatia, Turkey, Argentina, Mexico and South Africa. Another way to make those pounds go further is an all inclusive holiday offering protection against currency fluctuations.
A great use of those old pound coins is to put them towards a well-earned getaway and with loveholidays you only need £49 to book a holiday with our low deposit scheme. You can spread the cost of your holiday with an initial low deposit cost and then recurring monthly payments, up until 14 days before the departure date!
Commenting Theo Demetriou from loveholidays said, “With prices for summer 2018 from as little as £153 per person for 7 nights in a 3-star hotel in Spain, it’s a great way to spend the old pound coins before they go out of circulation on 15th October.”