| Author |
 Topic  |
|
Australian coin
Pillar Of The Community
1244 Posts
|
link>>
http://finance.ninemsn.com.au/newsb...-their-metal
|
|
|
|
Pillar Of The Community
Australia
551 Posts |
I think the Sub editor has got confused. The headline contradics the article which actually says that coins are worth MORE than their metal
|
|
Pillar Of The Community
Australia
4041 Posts |
Very strange article. No Australian coins other than those demonetised have more metal value than face.
|
|
Valued Member
Australia
311 Posts |
haha.............. good news for 50c collectors, like me.
|
|
Pillar Of The Community
1119 Posts |
the 20c is better values, its worth more than 50% of its face value
|
|
Pillar Of The Community
Australia
551 Posts |
Quote:
The intrinsic value of the five cent piece was 2.83 cents I guess we wont be seeing the end of the 5c any time soon
|
|
Valued Member
Australia
128 Posts |
Quote:
I guess we wont be seeing the end of the 5c any time soon I'm assuming the values listed are the costs of the materials, and not the cost to mint/manufacture/distribute them as well. Taking that into consideration may bring it closer to the 5c mark
|
|
Moderator
Australia
9436 Posts |
Quote:
from article:
Oddly, the $2 coin's constituent metals, valued at 4.82 cents, were worth less than that of the $1 coin (6.58 cents). The $2 coin is obviously a much smaller coin than the $1 and is made of the same alloy. So I fail to see why it's smaller intrinsic value would be considered "odd" by anybody. Quote:
I'm assuming the values listed are the costs of the materials, and not the cost to mint/manufacture/distribute them as well.
Taking that into consideration may bring it closer to the 5c mark Closer, but not over. Mintage labour costs are still less than a cent a coin, perhaps slightly higher in the case of the ones with strange shapes or edges. Though it's a little more difficult to break down metal costs and labour costs these days, because the RAM doesn't make its own blanks anymore. They're all imported from South Korea. So the labour cost of producing the blanks is included in the price the RAM pays for the blanks. I'm not sure whether the Treasury figures quoted are the actual prices paid by the RAM for blanks, or were simply the "spot-metal" calculations like you could get off of sites like CurrencyDebasement.
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
|
|
Pillar Of The Community
Australia
912 Posts |
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.
|
|
Pillar Of The Community
Australia
831 Posts |
Well we haven't seen or heard that the 5 cent piece is going to be discontinued, although there was ample discussion years ago.
SAP sll true about the off-shoring of the blanks. We never get full details...there's always bound to be a figure that no-one actually ever sees.
I admit, I am powerless over $50 notes - to the point that my life has become unmanageable because of this addiction. I am a NOTE-A-HOLIC
|
|
Valued Member
Australia
487 Posts |
news? what? sorry, I didn't realise it was hard to look up commodity metals prices on the interwebby thingy and use a calculator...
vote CCF Party for a better Australia!
|
|
Valued Member
Australia
469 Posts |
Pressure to eliminate the 5c piece, alter the composition or resize the coinage, has subsided somewhat in recent times although long-term I don't think it's a matter of if, but when.
The price of nickel pre-GFC would have been a primary factor, which also saw the US review coin composition.
I've assembled the following table to show the $A Cu/Ni composition at LME spot price for 5 years ago, during the depth of the GFC and current.
Coin | Ap2007 | Ja2009 | Ja2012
0.05 | 0.0555 | 0.0171 | 0.0208
0.10 | 0.1111 | 0.0342 | 0.0417
0.20 | 0.2221 | 0.0684 | 0.0834
0.50 | 0.3057 | 0.0941 | 0.1148
These figures are purely metal prices, and do not take into account blanks, coining, distribution or administration.
|
|
Valued Member
Australia
59 Posts |
I read similar articles before. The same story happened on US 1cent coin before. Just curious, if the mental value greater than the face value of coin, is there any chance that we (anyone) sell them based on mental value? If not, there is no difference. Just like the notes, they worth nothing, just the numbers on them making difference.
|
|
Pillar Of The Community
Australia
831 Posts |
Well FNQ, your stats are suggesting that the prices of the metals (or Cu/Ni specifically) has decresed dramatically.
Which tells me that the main discussion for discontinuation of the 5c piece would have been back in 2007.
What do you think?
It is a matter of when, but it's getting dragged along...longer & longer.
I admit, I am powerless over $50 notes - to the point that my life has become unmanageable because of this addiction. I am a NOTE-A-HOLIC
|
|
Pillar Of The Community
Australia
4041 Posts |
I sold all my one and two cent coins to a scrap metal dealer for a little less than twice face value. Eventually the same will hapen with the coins we have now. I dont think it will be for a while but the metal content will be more than face and they will be replaced.
|
|
Valued Member
Australia
469 Posts |
Nickel at that stage was around A$29 a pound, whereas it's currently about $8, so yes the base metal cost pressure has subsided. In the US they enacted legislation to prevent people melting down or exporting pennies and nickels. @enworb lol Nice way to make a bit on your "investment", but I hope you kept the good ones.  |
| |
Topic |
|
Posted 03/05/2012 01:55 am
