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 Replies: 17 / Views: 4,387 |
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Valued Member
Australia
112 Posts |
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Pillar of the Community
Australia
515 Posts |
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Valued Member
195 Posts |
The 5c discussion has been around for 3 years,I recall the rising cost of metal meant a 5c coin cost almost 5c to manufacture but 3 years on they are still here with us
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Moderator
 Australia
16816 Posts |
Yes, I have no idea why the media went into frenzy over it, given there were no actual new announcements or anything. It made Page 3 of Brisbane's Courier-Mail.
Just another example of the media creating news, rather than reporting it, methinks.
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
2830 Posts |
has anyone seen a 5-cent bearing a date later than 2008 ? Not I ...
And, I know that some forumites trawl the RAM Annual Reports: has the Mint reported minting any 5-centses in recent years ?
there was another similar thread on CCF earlier this year. I calculated that the metal content of a 5-cent was 4.1 cents in February 2011, plus all the costs at the mint. Ever since then, I've been getting $20 worth of 5-cents each payday. Sooner or later, I'll be correct: the 5-cent will be withdrawn, and the 10- and 20-cents will be downsized to reduce costs.
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Valued Member
 Australia
112 Posts |
I noticed something the otherday actually, I recall that we used to get Fiji coins in with ours, especially the 20c coin, however had not seen one for some time, then in change I got the otherday I got a strange looking coin, it was the Fiji 20c coin but the size of a 10c coin... it make sense to downsize the coin... but just think of the backlash from the public...
On the dating of the 5 c coin, there are dates after 2008, I have many 2009 as I keep all coins I get for the years my kids are born. I believe I have seen some 2010 ones also.
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Formerly nancyc
Australia
5385 Posts |
Quote:
has anyone seen a 5-cent bearing a date later than 2008 ? Peter, I've got quite a lot of 2009. Want a couple? The last RAM Annual Report (2009-10) shows 52,478,000 5¢ pieces minted. We will find out later this year, approx Sep, how many more 2009 or if any 2010 were minted. I would say there will be 2010, they're just not in circulation yet, or if they are I haven't found any yet. If the decision is ever made to stop minting them, we will know about it post haste as it will be decided by Parliament and the media will report it quick smart. life is a mystery to be lived not a problem to be solved
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Pillar of the Community
Australia
3831 Posts |
At one stage couple of years ago, the melt value of 5, 10 and 20 cents were actually close to the metal content itself! Had the spreadsheet but I don't know where I stored it. Could make another one again I guess.
Probably broken even by producing a lot of the larger denomination coin, especially the 2 dollar coins.
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Pillar of the Community
Australia
2830 Posts |
GX: I did the arithmetic earlier this year. The metal content of a 10-cent was 8.2 cents, plus all of the costs of minting.
The RAM can say what they want, but the Treasury are an unsentimental, insensitive bunch, and they'll be pushing government to "re-coin" us.
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Valued Member
195 Posts |
Inflation will see the 5c coin soon become obsolete and withdrawn just like the 1c and 2c coin
Changing the entire circulation coin sizes in the future is another issue thats sure to be discussed by authorities,my wish is they should do it only after Queen Elizabeth retires and we at least get one new effigy on current coin size and design and metal content
Wesley
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Pillar of the Community
Australia
2830 Posts |
I doubt that the Queen will "retire".
Even when George III's health prevented him from taking a role in national affairs, his effigy continued to appear on coins until he died.
Because the 5-cent, 10-cent, and 20-cent are "in proportion", any move to eliminate the 5-cent will probably see the demise of the 10- and 20- also.
The fifty-cent is not proportional, and to that extent, is safe for the time being.
Maybe we'll go to new 10s and 20s, in proportion to the 50 ?
Maybe other alternatives will be considered: aluminium ? ceramic ?
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Valued Member
Australia
490 Posts |
I was talking to someone who has contracts to supply packaging to the RAM and they have significant forward orders based on the existing size and shape of the current circulating coins... not that I don't enjoy a good conspiracy story or the odd bit of speculation, but it sounds like the current coins are locking in for at least the next several years.
As my collection of legal tender 50c is all currently based on QEII, I am not sure what I will do once she goes (assuming I outlast her!)
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Bedrock of the Community
Australia
21786 Posts |
The Royal Australian Mint has made no public statements on the 5c coin.
I believe the next step to reducing the cost of production will be to down size the whole copper nickel coin series, and to copper nickel clad iron core them. That may be the time, then, to eliminate to 5c coin.
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Formerly nancyc
Australia
5385 Posts |
If and when a decision is made to 'get rid' of the 5c coin, it won't be the RAM that makes the decision, it will be the Treasury, ie Politicians.  The RAM will just do as they're told.  life is a mystery to be lived not a problem to be solved
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Valued Member
Australia
112 Posts |
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Bedrock of the Community
Australia
21786 Posts |
The Royal Australian Mint has NOW made a public statement about the 5 cent coin.
At current prices, there is about 3.6 cents intrinsic worth of metal in a 5 cent piece. With minting and distribution costs, it now takes more than 5 cents each to get the coin into use by the public.
There is talk that they will simply withdraw the 5 cent coin from circulation. The decision to do so ultimately rests with the Treasurer. Opinions have been expressed that prices will simply be rounded up to the next 10 cents in price, and the some charities will suffer, because less small change will be donated at check outs.
By inference, the 10 cent coin has 7.2 cents of intrinsic value and the 20 cent has 14.4 cents intrinsic value. I guess that a 20 cent coin at this time still costs less than 20 cents to buy the metal, mint it, and issue it.
Personally, I think we should go down the Zincoln track with the 5, 10 and 20 cent coins, and also make them smaller and thinner, or perhaps make the coins out of aluminium or ABS plastic.
Edited by sel_69l
06/25/2011 9:56 pm
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Replies: 17 / Views: 4,387 |
Posted 05/18/2011 09:58 am
