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 Replies: 20 / Views: 3,838 |
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Pillar of the Community
United States
3098 Posts |
Just wondering... the AUD 50c is quite big and unwieldy, and the 20c is reaching that point. What is the most commonly used coin in Australia and is the 50c coin also widely used?
And on that note, what is the most commonly used banknote, too?
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Pillar of the Community
Australia
2830 Posts |
G'day, I use mostly, but not a lot of 20c & $1 coins. Most transactions nowadays are EFTPOS.
A month ago, I drove to Brisbane, Canberra, Broken Hill, Port Augusta, and back to Darwin, in a fast trip: 9,000 km in 10 days. I didn't spend $50 in cash: everyone takes cards these days.
But others will have their own spending patterns.
In my home town, Darwin, my biggest use of coins is the abominable parking meters: they max out at $2.40.
And: the 50c is inconveniently big, but it is a lot lighter than any combination of 20c & 10c.
The $5 coin was trialled in 1988: that was bigger than 50c, and they were all hoarded, very quickly.
Peter
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Moderator
 Australia
16809 Posts |
All denominations, from the 5¢ to the $2, are in common everyday use; We've never really understood the peculiar American phenomenon of making coins intended for circulation and then not using them.  As for "which is most common", my gut instinct is to go with the smallest denomination, the 5¢. Just like the 1¢ in America, one does tend to accumulate quite a few of them after a long day's cash trading. Checking recent mintages would tend to back this up. The statistics for total mintages from 2000 to 2004 (including circulating commemoratives) show a nice inverse-square curve: 5¢: 682 million 10¢: 492 million 20¢: 256 million 50¢: 139 million $1: 99 million $2: 72 million Quote:
Most transactions nowadays are EFTPOS. I'd have to disagree with you there. Ever since my bank (Commonwealth) started charging me extra fees for EFTPOS transactions, I've been using cash or credit cards as much as possible. I'm sure forcing us back to a cash economy wasn't the intent of the fees, but that has in fact been the effect, for me at least. Quote:
The $5 coin was trialled in 1988: that was bigger than 50c, and they were all hoarded, very quickly. Ah yes, this was Australia's only real attempt at "doing the American thing" and making coins which nobody was quite certain whether they were supposed to be intended for circulation or not. I'm pretty sure they were intended as mass-produced souvenirs of the bicentenary; at just over 3 million minted and sold by the Commonwealth Bank in little PVC sachets, there were way too few of them to be considered "circulating". And yes, I did mean it when I said "PVC sachet". These coins were struck in aluminium-bronze; most of those that were kept in their original packaging are now a slimy green mess. 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
Edited by Sap
05/05/2009 03:35 am
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Pillar of the Community
Australia
2830 Posts |
Sap, you frightened me for a minute: I am a "Which Bank ?" customer alsao.
When I wrote "EFTPOS transactions", I was including all forms of plastic.
I'm surprised about what you say about 5c coins; don't see many of them in my transactions.
But, I agree that the Seppo habit of minting coins that no-one uses seems odd ...
If I recall correctly, the 1988 $5 coin was handed out at the bank. I don't recall ever getting one in change anywhere else.
And the 1990 $5 coin came in a plastic cover, with an explanatory card. I can't recall if there was any premium ...
Peter
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Moderator
United States
23484 Posts |
Definition time
for you non Australians
EFTPOS (Electronic Funds Transfer at Point of Sale) is an Australian and New Zealand electronic processing system for credit cards, debit cards and charge cards.
EFTPOS also allows users of the system to withdraw cash at the time of purchasing a product or service through the merchant's EFTPOS terminal.
This functionality is called debit card / cashback in other countries.
The name and logo for EFTPOS in Australia were originally owned by the National Australia Bank and were trade marks from 1986 until 1991.
rggoodie
aka Richard
"catch em doing something right"
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Pillar of the Community
Australia
1040 Posts |
As stated above, we use all our circulating coins. For me, not a day goes by without coming home with some of all of them.
Same with the notes, all are widely used. Though the $100 is used less frequently, at least in my neck of the woods.
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Moderator
Australia
16809 Posts |
Quote:
Same with the notes, all are widely used. Though the $100 is used less frequently, at least in my neck of the woods. I concur, except for the $100 notes. I rarely if ever see them; I saw one last weekend, for the first time this year. Despite the fact that our new plastic banknotes were designed so that every denomination would be friendly to ATMs (automatic teller machines), the machines are only ever stocked with $50 and $20 notes. If I want hundreds, I have to go into the bank, and ask for them. For which, of course, they'll charge me a $2 over-the-counter-withdrawal fee to obtain. Because of this ATM bias, I'd presume the $20 and $50 notes are the commonest. I understand that the situation in America with their $20 bill is similar. 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
 United States
3098 Posts |
Wow! It seems that there are fess associated with every part of banking in Australia!
Also, do you guys see paper notes in circulation? I only have a $50 paper, and it's bigger than the current notes, bat are there any other paper notes with size in common with the polymer ones?
... and on that note, when is the RBA going to change up the designs? Yes polymer is hard to counterfeit but why don't they put more security features on the notes?
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Pillar of the Community
Australia
2830 Posts |
G'day, the paper notes were removed from circulation in the blink of an eye.
The polymers are all the same height, and each denomination is 6mm longer than the one smaller than it.
Apparently, this is an aid to the visually impaired. I have seen a stick, the same length as a $50, with a notch cut at the length of a $10. By putting a note next to it, can judge its relative length and thus its value.
The paper $100 were not popular, as they were too big for most wallets.
Bank fees: a sore point here. As I understand it, and I may be wrong, I am allowed two teller-assisted withdrawals per month, and any more incur a fee. But, I can use the cash-out facility at all major supermarkets without a fee.
Peter in Darwin
Temp: 25.2°C
Wind: SSE at 11.2km/h
Pressure: 1011.7hPa
still dark at 6.41am
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Pillar of the Community
Australia
1040 Posts |
I see quite a few hundreds, but that is because I often get paid for smaller jobs in cash and hundreds are more convenient. I rarely hang onto them, preferring to bank them or change them for fifties. I did recently get two '96 first prefix's and a test note. Unfortunately the test note wasn't worth keeping.
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Moderator
Australia
16809 Posts |
Quote:
... and on that note, when is the RBA going to change up the designs? Yes polymer is hard to counterfeit but why don't they put more security features on the notes? Australian polymer notes are already among the most secure on the planet, full of both traditional and new-wave security features; they don't really need too many more. The oldest designs, the $5, $10 and $20, did get minor adjustments in design: the $5 colours became bolder, the $10 colours became less bold and the $20 had a minor design change. We also had the circulating commemorative $5 note which temporarily replaced the regular $5 notes in 2001. 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 |
One odd thing that I find is that while I have no problem getting denomination of all coins, I can never get enough 10 cents coins for trade. Not too sure if anyone faced similar problems like me. I'm also starting to find the 1985-1998 portrait for the smaller denomination (non-commemorative) harder to find. The dollar and 2 dollar coins are still relatively easy to find in decent condition.
I always try to get rid of the 2 dollar coins when I have them - never like them.
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Pillar of the Community
Australia
1040 Posts |
I don't think you would find many people who would put the $2 up there as their favourite coin to collect. However as a circulating coin, you have to admit it is convenient at the size it is. You can also surprise yourself with some good Christmas money if you put them all away through the year, a small jar holds a lot of coins.
As for scarcity of the other denominations, I haven't really looked for anything specific for awhile know. Might have to do a bank run and see what I come up with.
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New Member
Australia
23 Posts |
If I have notes - and thanks to ATMs these are mostly $20 and $50 notes- in my wallet I use them first, because it saves fumbling around with coins. Every couple of days I empty out my bulging change section, and toss the 5, 10 and 20c pieces in a tin (which I might add is almost half full of 1 $ 2 cent pieces, bugger them!), and keep the 50c, $1 & $2 for spending -once again less fumbling for correct change. I rarely spend lower denominations; I accumulate them as change.
And then of course if I do need to spend my 'stash', I am limited as to how much I can use in one transaction anyway:
1c & 2c Maximum of 20 cents
5c, 10c, 20c & 50c Maximum of $5
$1, $2, $5 & $10 Not exceeding ten times the face value, inclusive ie a maximum of $100 for $10 notes (10 x $10)
Any other denomination To any value
Who is policing this anyway and how many shopkeepers would actually be aware of this?
Gemma.
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Pillar of the Community
Australia
2830 Posts |
quote: "... Who is policing this anyway and how many shopkeepers would actually be aware of this?"
- don't know about shopkeepers, but the Conductors on Melbourne Trams know all about this ...
AND about the regulation that says they don't have to give change; ...
BUT when it suits them, they off-load a ton of shrapnel onto you.
Peter
who left Melbourne 31 years ago ...
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Moderator
Australia
16809 Posts |
Quote:
And then of course if I do need to spend my 'stash', I am limited as to how much I can use in one transaction anyway... Who is policing this anyway and how many shopkeepers would actually be aware of this? These are the defined "legal tender" limits, and have no bearing on the amounts of coins you can actually use to purchase things - that's up to the individual shopkeepers. Most shopkeepers, especially those selling large numbers of small-priced items (such as fast food outlets) are happy when people bring in bagfuls of coins to buy stuff with, provided they're not too busy, because it means they don't need to order in as much coinage for giving away as change next time. These limitations on legal tender are primarily in place, and only normally enforced, to prevent people from paying their tolls, taxes and fines in small coins as a form of protest. This gives the bureaucrats the right to tell someone who tries to do that to go away and get better money. 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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Replies: 20 / Views: 3,838 |
Posted 05/05/2009 03:33 am
