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 Replies: 9 / Views: 3,006 |
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Bedrock of the Community
Australia
21786 Posts |
With copper prices over $9000 / tonne, and nickel nearly $24000 / tonne, it won't be too long before Australia's copper nickel coinage will have a change in metal content.
The total metal value of a 20c. coin is nearly 15c., with the 10c and 5c. coins proportionately less.
I note that from 2011 in the UK, copper nickel coins will no longer be made, saving the UK treasury about 8 to 10 million Pounds a year. From next year UK silver coloured coins will be made in nickel plated steel. They have already reduced the size of their copper nickel coins in 1990, and at that time, Australia did not.
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Pillar of the Community
Australia
852 Posts |
In the US the Nickel 5 cents has about 6 cents of metal in it. With the fears of inflation (due to the deficit, running the printing presses, etc) then it makes sense to store your spare cash as coins and not as notes. If hyperinflation (Weimar, Zimbabwe, Brazil etc) or even just 70s style stagflation occurs then having a drum load of coins is way better than the same face value of banknotes. I always kick myself for not taking the opportunity a few years back for not buying some 200 dollar gold koalas at face value.  |
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Valued Member
Australia
112 Posts |
Wasnt there discussion in the US a while back that the once cent coin would go because the metal content is more then one cent? I remember reading about it I'm sure, but becuase Americans (in general) dont like change and hold the "penny" with such esteem AND pressure from mining companies its staying? Its hard to think of having one and Two Cent coins these days and how inconveniant they would actually be! |
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New Member
Australia
32 Posts |
I know for a fact that the RBA have been over to the Reserve Bank of New Zealand to have a look at their success in their recent change in coinage. New Zealand got their timing just right with the price of Nickel and Copper at a high they actually made a profit on their change over. I have to say that it's time for Australian coinage to lose a bit of weight, thost 50 cent pieces are a great flan for commemoratives, but any more than a couple in your pocket and you're leaning sideways.
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Pillar of the Community
Australia
2830 Posts |
interesting: I've been waiting for the 5-cent to be withdrawn, but on this analysis, all of our CuNi coins will have to be re-appraised.
Splock: the 5, 10, & 20 are weighted proportionally; 10-cent is 5.65g
but the 50-cent is 15.55g, ie., thess than 3x the weight of a 10-cent.
So if anything survives, then the 50 will be the last to go ...
this morning's prices, in USD/tn
(can't tell if that's a U.s. ton, Imperial ton, long ton, short ton, or metric tonne ...)
Aluminium 2570.25
Copper 9876.5
Nickel 28577.0
Oz coins are -
5-cent, etc - 75% copper; 25% nickel
$1 (9.00g), $2 (6.60g)- 92% copper; 6% aluminium; 2% nickel
so -
if I made 5.65 tonnes of 10-cents, that'd be a million of 'em, worth $100k,
I'd need 4.2375 tonnes of Cu, costing $41,852; plus
1.4125 tonnes of Ni, costing $40,365
total materials cost = $82,217
plus all the costs of running the R.A.Mint, etc.
So, that's over 8.2 cents for a 10-cent coin - worse than when this thread opened on Xmas eve !
But, a 50-cent costs less than 25 cents in materials - so they're "safe" for the time-being.
My brain hurts from all those sums - I'll do the $1 calculation later, unless someone else wants to have a go ...
Peter in Darwin
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Bedrock of the Community
 Australia
21786 Posts |
Peter: I love crunching numbers on a calculator like that!
When I was twelve, I was able to multiply two 4 digit numbers together to get an 8 digit number. I can't do that now. I got lazy, I use a calculator these days.
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Pillar of the Community
Australia
2830 Posts |
back to the task:
if I made 9 tonnes of $1-coins, that'be $1m, and I'd need -
8.28 tonnes of copper, costing $81,777;
0.540 t of Aluminium, costing $1,388; and
0.180 t of Nickel, costing $5,144
total: $88,309
which is the equivalent of 8.8 cents per $1-coin;
and a $2-coin costs even less.
So, the "Alu-bronze" coins are probably unlikely to be up for the chop any time soon.
By the way, I have assumed that those prices that I found in News.com were metric tonnes: if I'm wrong about that, then my totals will have to be amended.
Sel: I was never that good at mental arithmetic. I welcomed the arrival of inexpensive calculators.
I look at my sons and think "you'll never know the pleasures of tables of logarithms, nor of a slide-rule ... you lucky devils".
Back to the original topic: I wonder if there'll be any public input into the new coinage ?
I'd like something more aspirational than animals ...
Peter in Darwin
will this rain never cease ?
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Valued Member
Cyprus
349 Posts |
What else coin we put on Australian coins. Animals etc are popular. Maybe prime minister 2 bobs.....
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Valued Member
Cyprus
349 Posts |
maybe more cricket and football stars................
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Valued Member
Cyprus
349 Posts |
the warnie 50c.............:p
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Replies: 9 / Views: 3,006 |
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Posted 03/02/2011 4:30 pm
