When do you think the 5c coin will be withdrawn?

[Hercules]

We can't let that happen. The death of the coin will be one of the saddest days in Australian history. :icon_cry:

[trout]

IF it does come into being that we become a cashless society and the only way to pay is by card etc. You will find that Bullion and Silver/Gold coins/rounds will become rather popular to pay private debt and to engage in nefarious commerce

[Hercules]

Fancy that... the Canberra Mint goes bust, while the Perth Mint thrives.

[trout]

Fancy that... the Canberra Mint goes bust, while the Perth Mint thrives.

HeHeHe
And Silver/gold Grannybait will become "King"
Not going to happen Folks, We have always needed cash so I cant see it disappearing altogether.

[nealeffendi]

Fancy that... the Canberra Mint goes bust, while the Perth Mint thrives.

HeHeHe
And Silver/gold Grannybait will become "King"
Not going to happen Folks, We have always needed cash so I cant see it disappearing altogether.

I like cash, I presume you like cash; but an awful lot of people do all their transactions without cash. Almost nobody gets their wages as cash and it is paid electronically, most bills can now only be paid by card/online (my electricity supplier ended the option of paying cash at the post office last year), you cannot pay your tax with cash, I had to pay via debit to renew my security licence, you cannot pay fines with cash, plenty of supermarket lines are card only, train stations no longer have ticket machines and the Opal cards can only be topped up at stations with a Visa/Mastercard. Many people no longer carry any cash and many wallets no longer have a spot to put coins or notes (just lots of slits for the various cards).
My supervisor at work today complained that I don't have a smart phone. He says he gives his daughter her pocket money by transferring funds via his phone (heck I even see people using their phone as their card to pay for things).
Cash will go the way of telegrams, home phones and printed bank statements.

[trout]

When purchasing larger items eg Cars, boats, etc. Cash is and always will be King.
A fist full of fifties seems to have way more bargaining power than a credit or debit card has and the transaction can be done on the spot ANYWHERE without the need of any electronics whatsoever and only two people know about it :good:
I doubt that the Australian public would be stupid enough relinquish the ability to be able to do this

[Basil]

Yep,it will be around for decades to come you would think esp. when the GST increases to 15% down the track.The more the ATO/Centrelink & other Govt. agencies enter the cyber world the more people(that are capable) will be hoarding cash.

[robbiegal]

there is more cash in circulation since the GST than ever before
the GST drove more cash into the blackmarket / cash is best world
http://www.smh.com.au/small-business/managing/the-venture/black-economy-cashonly-the-rule-for-businesses-avoiding-gst-payments-20160315-gnjevq.html

[Mister T]

I really hope they don't withdraw them, because I'll miss finding all the scarce ones.

Agreed.

[Goldseeker]

Are we supposed to follow New Zealand?

[nealeffendi]

When purchasing larger items eg Cars, boats, etc. Cash is and always will be King.
A fist full of fifties seems to have way more bargaining power than a credit or debit card has and the transaction can be done on the spot ANYWHERE without the need of any electronics whatsoever and only two people know about it :good:
I doubt that the Australian public would be stupid enough relinquish the ability to be able to do this

Except (unless it is an unregistered paddock basher) the .gov will find out when you transfer the rego. There are already countries in Europe where cash purchases are illegal over a certain size (for Greece it is 1,500 Euro and France is 3,000 Euro) and there is a push to lower it.
In the US there are numerous cases of cops seizing cash from people planning to buy a car for cash (you have to go through expensive hoops to reclaim cash seized by suspicious cops).

[trout]

Except (unless it is an unregistered paddock basher) the .gov will find out when you transfer the rego. There are already countries in Europe where cash purchases are illegal over a certain size (for Greece it is 1,500 Euro and France is 3,000 Euro) and there is a push to lower it.
In the US there are numerous cases of cops seizing cash from people planning to buy a car for cash (you have to go through expensive hoops to reclaim cash seized by suspicious cops).

Yes the government will find out about the transaction when the licence is changed over BUT they don't get to take their 10% Vigorish (GST) out of your pocket

As far as getting cash seized by the Cops a receipt for the withdrawal from your bank for the sum involved should prevent such an occurrence :good:

[nealeffendi]

Just an update. Some banks will begin withdrawing the 5 cent coin this year.:shok: Along with the 10 cent coin to the $100 note.:shok::shok:
Citibank has announced that some of its Australian branches are going cashless. It will spread (same as my local St George bank now has no tellers and only ATMs and they are rolling this out at other branches).
Westpac plans for a cashless society by 2022, I wonder if my ancestors are rolling in their graves over what banks have become (they were foundation investors in the Bank of NSW back in 1817).

[Enlilninlil]

Cashless, how will the Chinese shops survive then! Ah well, we can always us US dollars instead.

[kchan1111]

The 2c was withdrawal in 1992. Since then, total price inflation was 81%, over 24 years, at an average inflation rate of 2.5%.

So using 2.5%, it will take 37 years for 5c coin's purchasing power to erode to a 2c coin's, or year 2029.