So what year will they stop producing the 5 cent coin??
My bet is that when the queen dies the coinage will be reconsidered. At that point we will lose the 5c and have all denomination reduced in size, similar to NZ in 2006.
Quote from: 'enworb' pid='21200' dateline='1373628612'My bet is that when the queen dies the coinage will be reconsidered. At that point we will lose the 5c and have all denomination reduced in size, similar to NZ in 2006.
I sincerely hope that isn't the case Matty, But only time will tell :ok:
The 5c buys nothing and our coins cost too much to make due to their size. I cant see any other possibility. IMO its a matter of when not if we get rid of the 5c and reduce the others in size or change composition.
I think enworb could be pretty close.
i think i have said in another thread that the CEO of the RAM said no , it's just a rumour
but that was a couple of years ago and he's not the treasury department
anyways, he said that the 5c was still a viable coin to manufacture
Quote from: 'enworb' pid='21203' dateline='1373629190'The 5c buys nothing and our coins cost too much to make due to their size. I cant see any other possibility. IMO its a matter of when not if we get rid of the 5c and reduce the others in size or change composition.
I really, truly hope we don't go down the path of having nickel plated steel coins in our change .
:angel:If that came to pass we would have to spray all the new coins with CRC to stop the buggers rusting:angel:
They still cost less than 5c to make though don't they?
Quote from: 'trout' pid='21210' dateline='1373630226'I really, truly hope we don't go down the path of having nickel plated steel coins in our change .
Yeah that would be a pity.
I was at the mint some time ago, and the presenter was asked about 5c being removed.
I posted this elsewhere in may 2012
"I thought I made a post about this after my recent visit to the mint, but I did a search and could not find it.
The person doing the presentation said it cost 7 cents to make a 5 cent coin.
No idea of exactly what went into the 7 cent figure."
oh
different to the CEO's line
maybe that is why the rumour is still going - if the mint staff say it's expensive to make then it would make sense to withdraw the coin
Quote from: 'robbiegal' pid='21222' dateline='1373634623'...it's expensive to make then it would make sense to withdraw the coin
Or just get the Chinese counterfeiters to make them instead. Kill two birds with one stone. ;)
I anticipated 2012 would have the 5c stopped its still going in 2013
I think that Treasury won't approve it
even if they are made at a loss
the impact in the market place is risky
but NZ got rid of the 5c (I think?)
doesn't mean it is a good idea though
NZ got rid of the 5c and it seems to have worked there.
As far as I know there was a very brief period of a month or two where the cost of the 5c exceeded face value. The 5c has become a nuisance in commerce IMO. A lot of people don't even bother taking the 5c if that is the change at a shop. The only reason I take it is the fact it could be a 1972.
I'm still on the fence about this as yes they don't buy much but they do add up and I can't see how they can't get their money back from makin the coin as I still find one's from 66 so one would think they've got their money from them..I take the fiva back 'cause I'm poor :laugh2:
Simple solution imo, keep the five cents going and provide every business with a "Zac" bin with all proceeds going to charity.!!! :angel:
If they cost so much to make why not simply make the 5 and 10 cent coins out of copper?
The metal is cheaper and the dies would last longer ( Copper being a softer metal than the Cu/Nickel ) and we would have the advantage of having some coppers back in our circulating coins :yahoo:
Copper coins again would be a dream for me! NZ made their 10c copper. Im pretty sure that its not solid though and might be a steel centre or something:
QuoteCopper coins again would be a dream for me!
:i_agree:
That would be awesome, Just as long as we don't get the zinc or steel clad Garbage :ok:
Quote from: 'enworb' pid='21235' dateline='1373637648'As far as I know there was a very brief period of a month or two where the cost of the 5c exceeded face value.
Did it actually cost more than 5c or did it just get close at the time?
I wonder if it actually would have resulted in any sort of loss for the mint anyway as they just buy planchets and the planchet company would be the one having to deal with metal prices.
Quote from: 'trout' pid='21278' dateline='1373674218'If they cost so much to make why not simply make the 5 and 10 cent coins out of copper?
No thanks. I'd rather not have two denominations easily ruined by a fingerprint.
I thought i remember that the cost exceeded 5c but only for a very short time. I may be wrong i am only going on memory.
The fingerprints dont bother me. After a few years they go completely brown and look nice again.
Yeah, you're right, looks like intrinsic value did exceed value at one point in 2007 (http://en.wikipedia.org/wiki/Australian_five-cent_coin), and I remember something similar happening in 2010 as well.
Quote from: 'enworb' pid='21296' dateline='1373676782'I thought i remember that the cost exceeded 5c but only for a very short time. I may be wrong i am only going on memory.
:agreed:
It was 2011 when commodity prices were sky high. Now that they have dropped it costs less than 5c to make one.
I think it would be a sad day if they change our coinage like they did in the UK and NZ. Imagine how boring it would be getting the same year coins in your change everyday. It would bring to an end the pastime of noodling.
Quote from: 'MobOfRoos' pid='21298' dateline='1373679761'I think it would be a sad day if they change our coinage like they did in the UK and NZ. Imagine how boring it would be getting the same year coins in your change everyday. It would bring to an end the pastime of noodling.
Yeah I hadn't thought of that. I wouldn't want to have to buy possibly searched bulk lots to find something interesting.
In 2011 the RAM said (http://www.australian-threepence.com/blog/2011/05/will-the-5c-coin-be-withdrawn-from-circulation.html) it cost 3.6c to make a 5c piece
Inflation will soon make the 5c obsolete I'm so glad we still have our beloved echidna 5c
Quote from: 'runway' pid='21354' dateline='1373716314'Inflation will soon make the 5c obsolete I'm so glad we still have our beloved echidna 5c
I dunno.. $99.90 doesn't sound anywhere near as cool as $99.95
(or $99.99 for that matter).
I wrote this blog post about three years ago about this subject, have a read :)
http://thecanteenboy.blogspot.com.au/2010/07/five-cents-makes-no-sense.html
I wish parking meters did accept them.
You can't stop progress, though they are trying too in the USA on some things, like removal of $1 banknotes. I say resize all the coins for the current economy.
Quote from: 'Enlilninlil' pid='21819' dateline='1374097581'You can't stop progress, though they are trying too in the USA on some things, like removal of $1 banknotes. I say resize all the coins for the current economy.
Why bother? Physical money is already a tiny percentage of the economy, and shrinking. This is like arguing for smaller stamps, when most mail is franked.
Because it is fun, and I doubt physical money is a tiny percentage of the economy, the smaller priced items are still in coinage, like meat pies. Oh and the majority of chinese shops I have been too, deal in cash and not cards. Like Yum Cha.
they reckon there is more actual cash in the economy now that there ever was
post the GST tax system
I have a friend who is 86 and a dad who is 95 and no way will they get cards of any sort. They hate them and reckon it's too easy to spend money when you can't see it actually leaving your hand.
2 Very wise ppl and me too, I love to collect it :-)
I like stamps and coins and cards they all have a place for me