Cutting 5 cents from circulation

Davidium · July 12, 2013, 08:36:37 PM

So what year will they stop producing the 5 cent coin??

enworb · July 12, 2013, 09:00:12 PM

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.

trout · July 12, 2013, 09:07:12 PM

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:

enworb · July 12, 2013, 09:09:50 PM

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.

Ozcoins · July 12, 2013, 09:19:39 PM

I think enworb could be pretty close.

robbiegal · July 12, 2013, 09:22:09 PM

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

trout · July 12, 2013, 09:27:06 PM

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:

Mister T · July 12, 2013, 09:33:16 PM

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.

Ozcoins · July 12, 2013, 09:53:21 PM

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."

robbiegal · July 12, 2013, 10:40:23 PM

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

Fulvio · July 12, 2013, 10:50:20 PM

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.

runway · July 12, 2013, 10:54:26 PM

I anticipated 2012 would have the 5c stopped its still going in 2013

robbiegal · July 12, 2013, 11:20:27 PM

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

enworb · July 12, 2013, 11:30:48 PM

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.

ausjack · July 13, 2013, 09:20:50 AM

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: