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ozcoins
Pillar Of The Community
Australia
914 Posts
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I have seen several references to coins being taken out of circulation, but I have never heard how this happens.
Banks might be able to do it, but a friend of mine used to be a commbank teller and he never heard of coins being taken out of circulation. He said "they would have to be pretty mangled"
Companies likes chubb could do it, but I have received misstruck, foreign, predecimal, and bent coins in chubb rolls so they dont seem to do it.
I suspect they just dissappear through natural attrition (ie getting lost).
Can anyone shed more light on the subject?
Edit: second round of fixing typos Edited by ozcoins
11/30/2011 4:08 pm
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Valued Member
Australia
100 Posts |
Hi Ozcoins,
To the best of my knowledge all damaged coins and banknotes are referred to as "mutes". All mutes are supposed to be removed from circulation at banks when they get them, although this is time consuming and often not done, hence the number of damaged or foreign (Kiwi) coins we get in change. They are supposed to be set aside and when there are enough mutes to make it economically viable they are returned via special mute bags to the security company. I think they are then forwarded to the government and destroyed or recycled in the case of coins.
All paper notes, the $5 2001 Commemorative note and all 1988 $10 bicentennial notes are removed from circulation at banks. Similarly, all badly worn, holed or torn Australian polymer notes are removed from circulation. I hope this helps.
Cheers.
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Moderator
Australia
9450 Posts |
Yep, here in Australia, the banks are supposed to send obsolete or damaged coins back to the Mint for recycling. For ordinary circulation coins, anything that falls into the reject bin of the coin sorter is supposed to be withdrawn. NCLT such as $10 silver coins or $200 gold coins that get deposited for face value are also supposed to be returned and recycled in the same fashion.
Each bank probably has a different process to handle the odd stuff, but I do know that the amount of red tape involved makes it time-consuming and tedious. Even more time-consuming and tedious, however, would be attempting to rescind the paperwork and "re-issue" the coin to a collector that asked for it. So if you're hoping to harvest NCLT, gold sovereigns, predecimal silver and other goodies from your local bank branch, come to an arrangement with them first so you can collect the coins before the paper trail starts, because once they fill out the paperwork, the coins must then be returned to the Mint and destroyed.
Don't say "infinitely" when you mean "very"; otherwise, you'll have no word left when you want to talk about something really infinite. - C. S. Lewis
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New Member
40 Posts |
Ok, this is how it works..
All coins/banknotes that are damaged are automatically sent to get destroyed.
Coins generally have a 40-50 year lifespan. As people should be noticing when they noodle, coins dated in the 60's to early 70's are getting harder to find compared to 10 years ago.
Poly banknotes generally have a 10year lifespan (except for $50 & $100 as they aren't circulated as much as the other denominations). Most notes you will find are now only dated from 2003 onwards.
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Valued Member
Australia
488 Posts |
Does that mean if I find a poly note in good condition that is pre 2003 I should put it aside like I do with all pre '80's coins?
vote CCF Party for a better Australia!
Edited by steve - Oz 50c man
12/04/2011 11:51 am
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New Member
22 Posts |
Yes, put aside any 5, 10 & 20 dollar notes prior to 2003 as they are on the destroy list
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Valued Member
Australia
488 Posts |
Hmmm, see my thread in this sub section about noodling in hospital today, seems to go against pre-1980's coins being removed unless this is an anomaly in coin distributions.
Will also start paying more attention to older poly notes, thanks.
vote CCF Party for a better Australia!
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New Member
22 Posts |
Make up as many 5 cent collections as possible as they have a limited lifespan remaining before they will be stopped.
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Pillar Of The Community
Australia
551 Posts |
When I was a Bank teller back in the 80s we used to pull out any damaged notes from circulation and return them to the Reserve Bank as "mutes" (mutilated notes). As far as I can remember we never took any coins out of circulation. It doesn't make any sense to me that pre 1980 coins or pre 2003 notes would be removed from circulation. I can't see someone being paid to simply "noodle" coins and notes all day painstakingly checking each year to see whether it gets withdrawn or not. Why remove a perfectly good 1966 coin or 1999 note? In my opinion it is just general wear and tear and age that are seeing older coins and notes slowly disappear from circulation, not from having them removed (unless the coin is a 1972 5c  ). |
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New Member
22 Posts |
It's not bad return for 5 cents. It is suprising that it is worth a bit of money for the amount minted. There are numerous coins out there with less minted.
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Valued Member
Australia
488 Posts |
I agree with MobOfRoos, this is how I always understood the process to work.
vote CCF Party for a better Australia!
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Pillar Of The Community
Australia
825 Posts |
we are talking about millions and millions and millions of coins here so WHERE are they all going considering there's a dozen or so collectors. It's you isn't it nancy, you got them all when your son had his shop, LOL.
So there's billions of dollar or cent I should say just floating around..must be like super HAHAHAHA sorry
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Pillar Of The Community
Australia
825 Posts |
PS I agree about the notes as they're crap and are easly made into shrinkies when heated(mini notes), but coins should last for..well look at some and you can say over 100 years easy. I have just made a set of a 1911 US one cent and 2011 one cent and now working on my canadian..but the US one are still using the same old coins so..don't know but somethings going on
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Pillar Of The Community
Australia
3431 Posts |
A friend is a present you give to yourself.
Nancy
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Valued Member
Australia
278 Posts |
do we have a few members in this thread that are the same person?
I am seeing similar writting styles and thought patterns....
they are talking to each other but I get the feeling it is the one human being.
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Pillar Of The Community
Australia
551 Posts |
Quote:
we are talking about millions and millions and millions of coins here so WHERE are they all going considering there's a dozen or so collectors. lol As difficult as it is to believe, not everyone in Australia is obsessed with coins like we are. Many people will not even bother to pick up 5c if they drop it. I remember as a kid putting 2c peices on the train tracks so I could admire the squashed copper after they had been run over by a train. In short, coins are lost, destroyed, buried, collected, exported to New Zealands circulating currency, melted, squashed. Over nearly 50 years those losses accumulate.
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Posted 11/30/2011 04:48 am
