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 Replies: 18 / Views: 3,451 |
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Valued Member
Australia
122 Posts |
I'm a bit out of touch with Australian news as I live in Europe in the last 18 month, but found this statement on ebay. Its an exciting time in Australian coin collecting circles with talk that our regular coinage could be replaced due to high copper and nickel prices meaning that the metal content of many of our coins is overtaking their face values!
The metal content of a 50 cent coin is already higher than a $1 and $2 coin suggesting that the 50 cent will probably be one of the first to go.
Edited by projack
03/19/2008 6:04 pm
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Moderator
 Australia
16817 Posts |
There was a newspaper article that appeared a week or two ago, printed in all the major papers. Basically, the mint is now making a loss on all denominations below $1, because it's paying almost exactly face value for the blanks, due to rising prices of copper and nickel. Add in labour costs, etc and the mint is paying negative segniorage.
While there haven't been any formal announcements from the mint or the treasury about changing the coinage sizes and/or composition, one can assume that it'll only be a matter of time.
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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Pillar of the Community
Australia
3831 Posts |
That might be the reason why the mintage of the 2007 50 cents be awfully low. Perhaps it might be lower than we expected.
My partial coin collection http://www.omnicoin.com/collection/gxseriesMy numismatics articles and collection: http://www.gxseries.com/numis/numis_index.htmRegularly updated at least once a month. |
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Valued Member
Australia
444 Posts |
it is a rumour that starts up every time the base metal price goes upward , though at some point we will be forced to follow new zealand suit and change our coinage to smaller coins made from inferior material .
Edited by PNC king
03/23/2008 12:24 am
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Pillar of the Community
Australia
3831 Posts |
Actually you might be in a shock over what the metal prices of these coins are. I did a quick maths and was astonished - it might be a matter of time really. And that doesn't include the cost of mixing the metals, transportation cost etc. I guess it's the dollar coins that are keeping the cost even.  Strange how I thought 50cents are the most expensive in terms of face value but that's not necessarily the case. My partial coin collection http://www.omnicoin.com/collection/gxseriesMy numismatics articles and collection: http://www.gxseries.com/numis/numis_index.htmRegularly updated at least once a month. Edited by gxseries
03/23/2008 04:30 am
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Valued Member
Australia
444 Posts |
making money is a profitable business and when that ceases to be the case , they will change the size or the type of metal used , I just hope we do not go the aluminium route like so mmany other countries do
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Pillar of the Community
Australia
2830 Posts |
G'dat, the mass, and diameter, of our 5c, & 10c, are the same as the 6d & shilling after the Great Recoinage of 1816.
They didn't have florins back then, but when introduced, the florin soon settled into the size that we would recognize as our 20c.
Of course, those coins were sterling silver (92%), and ours are CuNi. But the face value is directly proportional to each denomination's mass.
But the 50c, introduced in 1969, is only slightly heavier than the 20c, and thus, well out of proportion. So, if any CuNi coins are to be spared "the axe", then you might expect the 50c to be the last to go.
But having seen Gxseries' excellently presented calculations - I pause to thank him - it seems that our coins aren't particularly expensive.
I expect that the greater threat to coins will come from something like the "Octopus Card" used - successfully - in Hong Kong for a decade.
Peter in Darwin
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Valued Member
 Australia
122 Posts |
That is very interesting Gxseries. Can you do the same calculation for the US coins? |
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Pillar of the Community
Australia
3831 Posts |
Peter - what is an octopus card? Not too sure what Hong Kong is doing other than using smaller coins than what we use here. projack - I can definitely do the same for any world coins as long as I get the composition and the metal content. Here is a quick one but the 1 cent seems a bit odd. I guess the plating cost is not cheap though:  By the way, what is one ton to lbs? 2204 lbs? I'm getting a bit of varying conversation rates for some odd reason.  My partial coin collection http://www.omnicoin.com/collection/gxseriesMy numismatics articles and collection: http://www.gxseries.com/numis/numis_index.htmRegularly updated at least once a month. Edited by gxseries
03/23/2008 1:49 pm
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Pillar of the Community
Australia
2830 Posts |
G'day Gxseries, "... what is an octopus card ?" from http://en.wikipedia.org/wiki/Octopus_card - "The Octopus card is a rechargeable contactless stored value smart card used to transfer electronic payments in online or offline systems in Hong Kong. ..." The fact that it is "contactless" - you don't insert it or swipe it - makes it super convenient. You just put it in a pocket that's about the right height for most readers, and then you lean near them, without having to take it out of your pocket. On the trains, it is super efficient. As you enter the station, you "register" your octopus. When you finish your journey, you present your card at the exit. The computer calculates, then deducts the correct fare. So, if you change your mind about where to get off, en-route, it doesn't matter. "Ticket inspectors" check that you have "registered". It is now accepted at most small kiosks, and so it is iseful for lots of transactions. As far as the seller is concerned, an octopus transaction is as good as money in the bank. It is quite amusing to watch the posturing of the young men in particular ... and then you realize that they are positioning the Octopus card to be read, without removing it from their pocket. Each time it is used, the machine tells the user how much balance remains. They can be recharged at ATM-like machines. Ton: our Seppo friends get short-changed on that one ... only 2000 pounds in theirs. Peter |
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Pillar of the Community
Australia
3831 Posts |
Ah yes Peter, I used that before - just wasn't familiar with the term. Interesting to note how the technology is actually designed by an Australian company. It's quite useful really when you want to ride the bus. I think Sydney tried to install something similar on the bus called T-card but it failed miserably or something.
My partial coin collection http://www.omnicoin.com/collection/gxseriesMy numismatics articles and collection: http://www.gxseries.com/numis/numis_index.htmRegularly updated at least once a month. |
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Valued Member
Australia
122 Posts |
The nickel is the winner 3 times the value of the dime. The only coin worth is money.
That brings up the next question: How much longer the nickel will be nickel?
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Valued Member
Australia
153 Posts |
Interesting decisions to be made by the Royal Australian Mint coming up,hope the inevitable new circulating coins still are same size as now but not aluminium.
Imagine the costs of converting slot machines regardless of what they do,poker machines,drink machines,payphones etc etc.Vending machines have magnets to divert anything made of steel such as washers,lighter alloys also divert because of their weight
Our Prime Minister Rudd has republic on agenda also which if a referendum voted in favour of it then Queen Elizabeth effigy would go and who knows she might just retire before then and new effigy needed anyway
Interesting challenges ahead and its always been predicted that a cashless society is possible meaning no coins
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Valued Member
Australia
432 Posts |
Hasnt Kev come out and said, WHILE becoming a republic IS Labor Party policy, he is in no rush to push the issue, bringing on speculation that it wont happen in the queen's lifetime?
As for coin operated machines, problem with differing materials is that some varieties of machine also operate on coin weight, dont they?
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Valued Member
Australia
153 Posts |
Kev said he is a replubican and its Labour policy but not on immediate agenda,it may become a new issue even in QE2 lifetime,next year purhaps
Yes vending machines do go on weight as well as composition they are very clever
The Royal Australian Mint would be very concerned about the costs of the blanks,hope a future decision is not made to actually shut down and get coins minted overseas
I read where the new US dollar coin is unpopular and got thinking their dollar coin is same size as ours so what is happening with costs of these in US?
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Formerly nancyc
Australia
5385 Posts |
I can't see our coins being minted overseas when the RAM has just been refurbished.
life is a mystery to be lived not a problem to be solved
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Replies: 18 / Views: 3,451 |
Posted 03/20/2008 02:27 am
