Breaking News. 5 Cent Coin Is Now To Be Axed.

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Author	Replies: 7 / Views: 2,362
sweetap Valued Member Australia 301 Posts	Posted 07/12/2014 9:21 pm I posted a while back about the axing of the 5 cent coin. Today it was announced it will be taken to a vote and the reason given is exactly what I said in my previous post , it is costing 6 cents to make it , Its the same old rubbish coming from the government to get there way as usual. My prediction is , he 5 cent will most definitely be axed probably this year it will be announced if not definitely next year. I also believe the 10 cent is next , this will make way for a new $5 and $10 coin meaning the axing of the $5 and $10 notes, I also believe there will be a $200 and $500 notes with in a few years all because our economy has change so much $50 and $100 is now just pocket change. Think about it with larger currency less notes need to be printed. Now think about the retailers who are against this why because they believe it will up prices on discounts. It will but really is it going to matter ? the 50 cents will become the discount figure. eg: shoe special only $19.50 or $19.99 which we all know rounded up is $20.. So the question is is this justified and what effect if any do you all think this will have. And do you think this will create the snow ball effect that I predict the government really want. The article is in todays papers. It will be axed. Why because the government always get what they want buy hook or buy crook, but mark my words in 60 years of watching them I can tell you there is not a single thing they haven't got if they wanted it. INCLUDING NEW TAXES. The most disliked tax I can remember still got in >>>> CT. Report this Post to the Staff

MobOfRoos Pillar of the Community Australia 762 Posts	Posted 07/12/2014 10:02 pm Quote: Earlier it was reported that five cent pieces will no longer be produced in Australia if a motion passed by the LNP State Convention is adopted by the Federal Government. The Young LNP led a lively debate on the motion arguing the five cent piece now cost more to produce than it was worth. Jessica Smith told the convention at the RNA, the Royal Australian Mint had revealed it cost six cents to make each five cent piece which made no economic sense. This is a report from the courier mail So it isn't official. The federal governement have not made a decision. This was merely a motion by the QLD LNP state convention. Report this Post to the Staff
nealeffendi Pillar of the Community Australia 852 Posts	Posted 07/12/2014 10:13 pm You are probably correct in surmising the demise of the 5 cent coin. Retailers however still us prices like 99 cents even though they don't have 1 and 2 cent coins. So nothing there will change. Extremely unlikely that the $100 will be overtaken by a 200 or 500 note as the highest denomination. The government hates the cash economy (and tax avoidance) and prefers everything to be easily tracked (automatic payments, credit cards etc). Retailers also hate cash as it makes it harder for them to build up data profiles on each customers spending habits (store loyalty cards and fly buy cards are a way they get that information on many customers who use cash). Even if inflation makes the $100 the new $20 in buying power the government would resist any pressure for higher denominations by claiming that the high value notes aid terrorist funding or drug dealers and we must "think of the children" in supporting a cashless and trackable society. Report this Post to the Staff
MobOfRoos Pillar of the Community Australia 762 Posts	Posted 07/12/2014 11:00 pm Losing the 5c will have even less of an impact than the 1c and 2c since we are all used to rounding now. As for denominations greater than $100 there is really no need for them given the increasing number of electronic transactions. Out of curiosity I had a bit of a play with the ATO inflation calculator. In 1966 when the largest denomination was the $20 it was worth $240 in 2013 money. Astonishingly our $100 note in 2013 is only worth $8.30 in 1966 terms. Report this Post to the Staff
tassie devil New Member 13 Posts	Posted 07/13/2014 12:40 am My question is How or will it impact on the collecting side of coins.. was there (or "their") a impact on the 1 and 2 cent in the numastic society when the australian government removed these coins Report this Post to the Staff
tassie devil New Member 13 Posts	Posted 07/13/2014 12:42 am Did they go up in value? Report this Post to the Staff
Peter THOMAS Pillar of the Community Australia 2830 Posts	Posted 07/13/2014 03:05 am Not just speaking for myself, I don't think there's ever been much interest in the 5c - too few varieties, no commemoratives. You might aspire to put together a year-set, if you could read the dates on the blighters ... Their demise has been forecast for nearly a decade. I recall responding to a similar thread on CCF about 5 years ago. I researched the cost of production, and back then, the raw materials (Cu & Ni) cost about 13 cents, for a 10-cent coin. Please remember - the 10c & 20c weigh exactly in proportion to the 5c. So if the 5c is "uneconomic", then so are the others. The fifty-cent is not in proportion, and it costs less than its face-value. The Alu-bronze $1 & $2 coins are much better value. Maybe we'll follow NZ (they start 2 hours ahead of us every day), and commence a new series of smaller, less expensive coins ? Tassie - our old 1c & 2c can be bought on ebay, in bulk, for about twice their face value - approx. $15/kg, including postage. Report this Post to the Staff
tassie devil New Member 13 Posts	Posted 07/13/2014 8:01 pm Cheers Peter So prices will remain the same. . Report this Post to the Staff
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