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Pillar of the Community
Germany
1238 Posts |
Quote:
How long a coin circulates is not in my opinion as critical as the fact that it was made for circulation and DID actually circulate for face value. Proofs and other "special" issues are NOT meant to circulate. As in many other cases, there is not just black and white here, but also a lot of gray. Some European countries issue silver commems at face value. Sure, most stores do not (or just grudgingly) accept them, but since you don't pay anything "extra" for them ... Christian |
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Pillar of the Community
United States
651 Posts |
MEXICO! MEXICO! MEXICO! As several members have pointed out, Mexico currently is the contendor for allowing silver coinage to circulate. You have the 100 pesos state series 1 and 2 bimetallic and the 100 Pesos "circulating" commemoratives. Also there are to be found circulating are the 10 nuevo pesos of 1992-95, 20 nuevo pesos of 1993-95, and the 50 pesos of 1993-95. They circulate as we speak since I was able to get these denomiantions in change and at their local banks in Mexico near the Texas border.
Viva Mexico! As our friends south of the border celebrate their Bicentennial and the centennial of the revolution.
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Pillar of the Community
United States
1247 Posts |
I have a really nice 1973 5 Mark silver coin.. (Germany)
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Pillar of the Community
2087 Posts |
As well as Mexico you have to also include Austria in the list: Austria issued silver 5 Euro coins that were meant for circulation. It was only when the Silver price shot up that they stopped ( they changed to copper) Though NCLT coins continued to be produced. That said although they often advertised that the 5 Euro coins were for circulation I never saw one. I did see a copper one last year but the person who had it, was showing it off in the shop. When he completed his purchase he used a 5 Euro bank note.
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Pillar of the Community
Germany
1238 Posts |
Well, those silver and gold euro coins are indeed "not intended for circulation". You could (and in France still can, with some issues) get them at face, and thus theoretically spend them. Of course with recently and newly issued pieces the face value is above the silver or gold value, but that may change in the future. Another drawback is that those €5, €10 etc. pieces are legal tender in the issuing member state only. So an Austrian €5 piece is "worthless" (as means of payment) anywhere except Austria, while a regular €2 coin from Austria can be used anywhere in the euro area ...
Christian
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Pillar of the Community
2087 Posts |
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Well, those silver and gold euro coins are indeed "not intended for circulation" I don't want to nit pick but the coins were regularly advertised ( before they went to the copper versions) on the radio and in local papers here(Vienna) as legal tender for circulation. The ONB was for a while actively trying to get them to circulate. The proof and hand selected grades were aimed at collectors. Therefore the statement "not intended for circulation" is not that accurate. Indisputable is the fact that they didn't circulate......Who would spend a five Euro Silver coin when a five Euro note was available? |
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Pillar of the Community
United Kingdom
2893 Posts |
I wonder if the famous Maria Tharesa thaler is still used for transactions in some of the more remote parts of Saharian Africa or the Arabian Peninsula.
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Pillar of the Community
2087 Posts |
I was told by someone in the african studies department (Vienna University) that the coin is still used in day to day transactions in the Bornu region. Preference, apparently, is for brand new coins. However apart from that verbal report I have seen nothing in writing reporting this.
I don't have any info on the Arabian Peninsula but the coin was still being used in Rural Ethiopia in 1982. I suspect it might still be used in the rural areas of Oman Oman was the last country to demonetize the MTT in 1971/72.
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Pillar of the Community
Germany
1238 Posts |
Quote:
I don't want to nit pick but the coins were regularly advertised ( before they went to the copper versions) on the radio and in local papers here(Vienna) as legal tender for circulation. Well, a mint wants to sell its products, so of course it will emphasize the fact that you could use such a piece. ;) But collector coins are not intended to circulate, see this handy chart http://ec.europa.eu/economy_finance...coins_en.pdf for example. In quite a few EU legal documents you will find phrases such as "(...) require the adoption of technical characteristics, artistic features and denominations that enable euro collector coins to be distinguished from coins intended for circulation." But as you mentioned, they did and do not circulate anyway. That also applies to some French silver and gold coins. For example, you could get the Moving Sower pieces at face from many post offices, and they did a similar program with the "euros des régions". Issued at face? Yes. Circulating? Nah. :) Christian |
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Pillar of the Community
2087 Posts |
We have had this discussion b4 on another forum: Quote:
Well, a mint wants to sell its products, so of course it will emphasize the fact that you could use such a piece. I didn't refer to the Vienna mint I referred to the ONB. it was only the five Euro coins they advertised as being able to be used as legal tender not the 10 25, 50 and 100 Euro coins. the point is moot as Greshams law came into play. |
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Pillar of the Community
Germany
1238 Posts |
The Austrian mint is a wholly owned subsidiary of the Austrian central bank. But when it comes to where silver coins were last used in "everyday circulation", I'd say 1975 for both Austria and Germany (AT: 10 Schilling, out of circulation since April '75 / DE: 5 DM out of circ. since August '75). In my opinion, a lot depends on the distribution channels too: If a coin can be had at face but needs to be picked up at "special" places, it is not likely that it will actually circulate. The French and Mexican coins are borderline cases, I think, but if people tell me that it was fairly common to find them in circulation, I will gladly believe that ...
Christian
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Valued Member
United States
426 Posts |
Yep, probably the Mexican $10 pesos was one of the last. I was still hoarding them on vacations to Mexico around 10 years ago. Would come back with about 10 or 15 of them from a 1 month vacation.
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Bedrock of the Community
 Australia
21788 Posts |
The $10 pesos was originally NOT meant to be NCLT.
I guess that it may have cost a bit more to produce, but a seignorage profit would still have to be made at the time.
Otherwise, Gresham's Law would have applied, and it eventually it did later on, when copper nickel cores were used instead.
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Pillar of the Community
United States
5362 Posts |
I got one of those silver center 10 pesos in a dealer's junk box for 10 cents just last week. I also pulled out a silver 25 ore from Sweden and a couple better date coppers. I spent one hour and $10 total for 100 coins. The more common coins go to my grand daughter. The only one of my grand kids with any interest at all.
I still love junk boxes
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Valued Member
United States
426 Posts |
That's awesome swamperbob, the conversion rate for the $10 pesos makes it worth about .80¢ US. Plus it's value in silver! What a steal!
Edited by RealPeso
02/19/2013 01:05 am
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Posted 08/14/2010 10:54 pm
