Cutting 5 cents from circulation

Robster · July 13, 2013, 09:40:08 AM

Simple solution imo, keep the five cents going and provide every business with a "Zac" bin with all proceeds going to charity.!!! :angel:

trout · July 13, 2013, 09:40:18 AM

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:

enworb · July 13, 2013, 09:47:55 AM

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:

trout · July 13, 2013, 09:53:12 AM

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:

Mister T · July 13, 2013, 09:59:11 AM

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.

enworb · July 13, 2013, 10:23:02 AM

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.

Mister T · July 13, 2013, 11:04:05 AM

Yeah, you're right, looks like intrinsic value did exceed value at one point in 2007, and I remember something similar happening in 2010 as well.

MobOfRoos · July 13, 2013, 11:12:41 AM

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.

Mister T · July 13, 2013, 11:33:36 AM

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.

purplepennyhunter · July 13, 2013, 03:26:42 PM

In 2011 the RAM said it cost 3.6c to make a 5c piece

runway · July 13, 2013, 09:21:54 PM

Inflation will soon make the 5c obsolete I'm so glad we still have our beloved echidna 5c

Fulvio · July 14, 2013, 01:20:52 AM

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).

kanjoe07 · July 15, 2013, 12:22:17 PM

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

Mister T · July 15, 2013, 06:13:58 PM

I wish parking meters did accept them.

Enlilninlil · July 18, 2013, 07:16:21 AM

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.