Archive – Circulation Coins / Elimination

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Russia’s 1- and 5-kopek coins to be phased out

Due to the high production cost the Bank of Russia practices the “soft elimination” of 1- and 5-kopek coins allowing the coins to circulate until they wear out. Simultaneously the Russian government is experimenting with a card, which is thought to replace change in the future. more ]

End of the Canadian Penny

Since 1858 Canada had minted an one cent coin – until May 4, 2012 when the last penny left the Royal Canadian Mint in Winnipeg on its way to the museum. Due to elevated production costs and convenience reasons the coin has been abandoned definitely. more ]

What about Thailand’s two-baht?

Thailand’s two-baht coin has seen many changes in its life and it was never much loved by the people since it is easily mistaken for a lower denomination. Now it seems the two-baht may find, once again, an end. more ]

Legal Tender in the UK

General public might think that coins and banknotes are legal tender – without a limit. But more and more countries define up to which amount coins and banknotes have to be accepted. You are fined for example, when you pay an Italian bill exceeding 1,000 euro cash. And here are the rules in Great Britain. more ]

The Canadian Penny – a nation’s property or the Queen’s?

How is your mint handling the copyright on circulation coinage? The Royal Canadian Mint was faced with public displeasure, when they charged a singer using a coin image on his CD cover with a fee. This was completely according to the mint’s copyright regulations. Nevertheless in the end another solution had to be found. more ]

US Mint Coin Study Illustrates Need for Planning

The United States has considered eliminating its 1-cent coin for years. There are politics involved, but putting politics aside a recent study illustrates just how important diligence is when any change to coinage is being considered. Richard Giedroyc explains the background. more ]

Canada’s Cent Elimination Includes Hidden Costs

On the surface Canada’s cost saving measure through which the 1-cent coin is being eliminated appears to make sense. However, this matter is much more complex than it may seem at first sight as Richard Giedroyc explains. more ]

EU Regulation No 1210/2010 and its implications

On September 7, 2010 the EU Regulation No 1210/2010 concerning authentication of euro coins and handling of euro coins unfit for circulation has been issued. It describes the new responsibilities the EU member states must face. more ]

Canada’s penny to be phased out

On February 4, 2013 the Royal Canadian Mint has stopped shipping out pennies and the 35 billion pennies in circulation will be collected and melted down. more ]

Poland to eliminate smallest denomination

The National Bank of Poland is planning to abolish the 1 and 2 grosz coins, the smallest denominations equalling around the third of a US penny and its double respectively. Due to the inflation in the last decades the production has become highly unprofitable. more ]

Two more Countries weigh dropping low value coins

How to handle the problem of coins whose metal value is three times as high as their face value. Richard Giedroyc describes the Russian and the Polish solution. more ]

Poland keeps small coins

Recently we reported that the National Bank of Poland planned to eliminate the smallest coins with the face value of 1 and 2 grosz due to the high production costs. After strong retailers’ resistance, though, the Ministry of Finance decided to not scrap the small coins. more ]

Coins and inflation

Is there only one solution to face inflation: To drop the minor denominations and introduce coins of higher face value? Richard Giedroyc suggests to think a little bit outside the box. more ]

Could US bill prohibit bullion coins?

A new bill is intended to prevent the loss business of producing circulation coins whose production cost exceed their face value by far. However, incidentally, this bill could prevent the profit-making issue of bullion coins as well. more ]

Inflation accelerates demonetisation in India

As inflation is continually raising India’s Reserve Bank has announced that the remaining coins with face value less than 1 Rupee will no longer be in use. According to the media India’s Government admits with that move the galloping inflation in the country. more ]

$44,000 scrap coins led to arrest

A Chinese couple was arrested in Denmark when exchanging a large amount of scrap coins for their face value. Authorities suspected the coins to be counterfeited. Apparently they were only part of an official scrap metal consignment. more ]

Chinese gang sells ten tons of cleaned scrap coins

A Chinese antique dealer sold tons of cleaned scrap coins back to their countries of origin. He was sentenced to jail. But this kind of business will keep going on as it is highly paying. more ]

Sweden will see 4.3 billion invalid in 4 months’ time

During summer 2016 Sweden is shifting from its old coins and banknotes to new issues. Therefore around SEK 4.3 billion will become invalid. The national bank reminds people to change their money in time in order to secure a smooth transition. more ]

Update on the actual vanishing of small denominations

Everybody is talking about the disappearance of the small denominations. We are putting the perception to the test: How many small denominations have been abolished between 2014 and 2016? How many banknotes have been replaced by coins? more ]

UK and France Consider Withdrawal of Low-Denomination Coins

Bank of England employees have published a comment on the feared ramifications of abolishing coppery coins of low value. Discussions about such a course of action have not only been rekindled in the UK, however. France is allegedly considering doing the same. more ]

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