What is the future of our 5 cent coin?

[stevo1962]

I was expecting to hear that our 5 cent was to be discontinued in our budget this week after all of the hype but it seems that it's future is still unlcear.Not even the
Treasurer knows what's going on

          http://www.heraldsun.com.au/news/national/federal-election/budget2016/treasurer-scott-morrison-refuses-to-explain-the-future-of-the-five-cent-piece/news-story/d5688bc2e418439ad387969dcdf50649

[Pedro]

Not even the Treasurer knows what's going on

And that surprises you Stevo :laugh2:

Pedro

[stevo1962]

Not even the Treasurer knows what's going on

And that surprises you Stevo :laugh2:

Pedro

No surprises really but you would think he would have some sort of comeback

[Unicorn]

No surprises really but you would think he would have some sort of comeback

:laugh2: ..... Yes, like ...... "Here's my two, I mean five, cents worth in relation to this ........."

[Pedro]

It was a pretty fundamental question - well, for numismatists any way. It appears to have got the Treasurer in a bit of a lather. Imagine throwing out a question that was not directed at his masterpiece of a budget! :shock:

Pedro

[Pedro]

Oh, the minting of the 5c has already ceased. :shok:

http://www.news.com.au/finance/money/scomo-declares-death-of-5-coin--prematurely/news-story/b66a8834abf0c8eb71ae944eeeae51a1

Pedro

[robbiegal]

not quite
and the new design will inspire a new popularity I reckon


"Assistant Minister to the Treasurer, Alex Hawke, confirmed to news.com.au today that while production of the coin was in sharp decline, it had not yet been halted.

The Mint made 58.2 million of the echidna coins in 2014 and it is understood they are still rolling out, with 20 million made in the latest batch."

[Fulvio]

Not even the Treasurer knows what's going on

Maybe they should be asking this bloke... :diablo:

[SeaCat]

They will end up as beads and bracelets Worth 20 times their face value.

[JeffH]

Mint waiting for near-useless 5c coin to 'die'

[fred lever]

There is no need for any more circulating coin to be issued. The bald fact is the use of coin and bank notes is plummeting.
You only need coin/notes in our cities when the internet drops out or its the local bread shop where they only accept cash.
Fact: coins dont wear out. There are now more in circulation than ever.
Fact: you will still find first year issue coins in your change, I just reached into the change tin and pulled out first coin, a 1984 dollar piece.
Fact: who uses 5 cent pieces, answer nobody. Why are they making them?
 So, what is the mint making now? Answer shiny coins for collectors.
My comment: the main users of local over the counter transactions at banks = noodlers. Main user of 50 and 100 dollar bills = drug dealers because they are untraceable. Most "counter" and other  commercial transactions are now = tap card.
Its nice for old institutions to continue, support our mint by buying shiny coins and so they can keep making coin and notes for other countrys and operate as a profit centre.
Am I getting old and crabby or is it that I just see things via the pub test now?
Fred.

[Triggersmob]

I had to top the 5c coins up in the till at work yesterday,
so someone is using them. Certainly cash sales are down though.
Last Saturday we made about 140 sales and 115 of those were
EFTPOS. We still need cash at our local fish and chip shop, but if
there was no cash, they would have to change.  I always wonder
how much they actually declare as income.

[nealeffendi]

In the past few months one of the ATMs I used to regularly use was removed and another ATM that I only used once had a notification up that it was soon to be removed.
In one of the pubs that I work I regularly see regulars making multiple booze purchases multiple times on their cards, their monthly statements probably have 100+ such purchases.
There are very good reasons to avoid cards and pay cash.  I almost always pay cash (excluding online purchases where that isn't possible) and I would NEVER pay with anything but cash for any item that would bring a negative social credit or insurance score. China has introduced a social credit score , which currently applies only to Chinese, but China has back door access to virtually everyones information as they are both the world biggest hackers and the worlds main provider of smart phones and components to computers, including any cloud storage. The credit score is Big Brother on steroids, it is still in its early stages and will be fully operational by 2020. As for your insurance, already in the US they are using data about your purchases to assess your risk and premiums, so if you use a card to pay for booze, cigarettes, junk food, extreme sports equipment, Uber fare to a pub or club etc they will know. What most Chinese nationals visiting Australia probably don't realise is that whatever they buy here will be known to their government and anything that lowers their social score will also affect the score of their family  and friends (if they get a bad score they lose the right to travel, internet connectivity, work opportunities, education etc). They even now put peoples social scores on many Chinese dating websites, so those with lower scores will find it hard to get married.
And working in pubs I pick up many a discarded 5 cent coin, and a few hundred each year adds up.

[Mister T]

Relevant: https://www.australian-coins.net/showthread.php?tid=5331

[nealeffendi]

Can only pay my water bill online and the @#!%^# online banking (St George) is down with no indication of when it will be available. Oh for the days when it was possible to get to pay bills at post offices and banks.
Blasted bank also kept on asking me to go to paperless statements, I kept on declining (I like a hard copy for many reasons including in case I get audited) but a month back they sent a letter stating that they were no longer sending out statements, buggers even thanked me for choosing online only statements. They even touted the benefits such as being able to see my statements for 7 years (gee, I can see my paper statements in my files that are 30 years old).
About to go do my shopping and hoping that I can access MY money (at least I keep some cash handy for such situations, I know plenty who don't and they will be screwed if the system goes down).