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 Replies: 11 / Views: 1,768 |
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Valued Member
Australia
151 Posts |
HIGH metal prices and inflation might result in the five cent coin following one and Two Cent Pieces into extinction. A spokesman for Assistant Treasurer Bill Shorten said the Government is considering a recommendation from the Royal Australian Mint to scrap five cent coins because the cost of making them exceeds their face value, The Sun-Herald reports. Mr Shorten is worried about what the move would mean for charities, the main recipients of five and 10-cent coin donations, the newspaper reports. Advice would likely be sought from the Australian Competition and Consumer Commission to determine standard pricing policies on rounding prices up or down. One and Two Cent coins were removed from circulation in a 1990 budget move. |
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Pillar of the Community
Australia
515 Posts |
Edited by the-purple-penny
06/25/2011 8:05 pm
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Valued Member
195 Posts |
Removal of 5c was speculated a few years ago when production cost was near 5c mainly due to rising cost of the metal
Inflation is latest reason why the 5c coin should be withdrawn
2012 will likely be the final circulated date for the 5c
Wesley
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Valued Member
Cyprus
349 Posts |
I wander if they will still include the 5c coin in mint and proof sets if they scrap it?
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Pillar of the Community
Australia
1244 Posts |
Aww it would be sad to see the 5c go.
I don't think it will happen anytime soon, they would probably have a phasing out period.
And that could take a few years, like the 1c and 2c.
I wonder will the mint release something to say goodbye to the 5c.
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Formerly nancyc
Australia
5385 Posts |
I say keep the 5c coin, just change to composition to a cheaper metal.
life is a mystery to be lived not a problem to be solved
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Pillar of the Community
United States
830 Posts |
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Pillar of the Community
Australia
1244 Posts |
5c
Composition 75% copper 25% nickel
Mass (grams) 2.83
I think the same keep the coin change the metal.
You know what would be really cool, if they change the metal they may do a whole re-design of the coin, I would like to see a square coin, or even a scalloped/flower shape. ♥
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Valued Member
195 Posts |
A news report in Australia stated the RAM considered the 5c coin a nuisance
The 5c will be withdrawn because of inflation when the treasury signs off on it,there will be no metal change and realistically 2012 will be the last time we see a 5c coin in a mint set
I doubt there will any more 5c coins struck for circulation as of now
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Valued Member
 Australia
151 Posts |
by the time the treasury form a committee to investigate the composition of all coins and a reveiw committee Re mintage/usage, and table it before parliament for consideration, coins will be obsolete.
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Pillar of the Community
Australia
2830 Posts |
I hate to be the bearer of bad news, but I haven't seen any 2010, nor 2011 5-cents in circulation. It is my suspicion that they are already history.
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Valued Member
195 Posts |
Thats true Peter and the reason why we haven't seen these in circulation is because they are not required to top up demand for these from Reserve Bank ie there is already enough 5c in circulation
Once ACCC decides law on how to round up and round down for consumers it will be the final nail in the coffin for 5c coin in Australia when passed by parliament with this recommendation
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Replies: 11 / Views: 1,768 |
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Posted 06/26/2011 07:59 am
