Author Topic: 50c Coin Likely to Undergo Redesign  (Read 3237 times)

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Offline Bimat

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50c Coin Likely to Undergo Redesign
« on: February 13, 2016, 07:06:20 AM »
Australia's 50 cent coin 'likely to undergo redesign'

By Georgia Hitch

The 50 cent coin could be set for a makeover 50 years after it was first introduced.

Chief executive of the Royal Australian Mint Ross MacDiarmid tipped that there was likely to be a review of the coin's design within the next year.

Mr MacDiarmid said one of the major issues with the 12-sided piece was its size.

He said a recent survey carried out by the Mint showed that many vending machine operators found the coins a nuisance, to the point that some machines no longer accept 50 cent pieces.

"I think what people really like, and the survey work we've done has shown this, is the angular shape of it but they recognise it's way too big," Mr MacDiarmid said.

When decimal currency was introduced in Australia in February 1966 all coins, including the 50 cent piece, were round.

The coin stayed that way for three years until it was redesigned to be angular to help prevent people confusing it with the 20 cent piece.

Mr MacDiarmid said a return to a circular 50 cent coin was unlikely, dismissing the idea as "done and dusted".

To celebrate the 50-year anniversary of decimal currency the Mint is printing a round and gold plated 50 cent piece that will only be available at the open day in Canberra on Saturday.

Source: ABC
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Online <k>

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Re: 50c Coin Likely to Undergo Redesign
« Reply #1 on: February 13, 2016, 12:07:26 PM »
Why stop at the 50c coin? The 5c coin is 19.4mm in diameter; the 10c is 23.6mm; and the 20c 28.6mm. The dollar is 25.mm, compared to 20.5mm for the 2 dollar. Meanwhile, the Ozzie dollar is worth only around half of the UK pound. So, the current coins are way too heavy,  and the dollar coin is larger than the 2 dollars. All in all, it's a mess. New Zealand reduced the size of its coins in 2006, and a few of the Pacific Islands in the Commonwealth have followed suit. Oz is lagging badly behind.
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Offline malj1

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Re: 50c Coin Likely to Undergo Redesign
« Reply #2 on: February 13, 2016, 12:51:08 PM »
We don't like change anyway.

Quote
...The coin stayed that way for three years...

It didn't! they stopped production in 1966 as the price of silver soared and then spent three years coming up with a new design which first appeared in 1969

Quote
  ....the Mint is printing a round and gold plated 50 cent piece... 

So it won't be real - just a print?
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Offline Figleaf

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Re: 50c Coin Likely to Undergo Redesign
« Reply #3 on: February 13, 2016, 01:45:25 PM »
Yes, it will have electronic circuitry gold printed on the coin. If you use it in an automatic vending machine, it will show a text: This is not a real coin. It is now confiscated. We have made a picture of your stupid face and sent it to all the broadcasting stations and even the police. Better turn yourself in. :D

What do you expect of a general purpose journalist? Correct use of language? ::)

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Offline Bimat

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50c Coin Likely to Undergo Redesign
« Reply #4 on: February 13, 2016, 01:51:09 PM »
Not making cents: five cent coin doomed after 50 years of decimal currency

February 13, 2016 - 11:30PM

Fergus Hunter

The five cent piece will be withdrawn from circulation or die out naturally very soon, Royal Australian Mint and Assistant Minister to the Treasurer Alex Hawke says.

The demise of the country's smallest coin will come about due to its increasing irrelevance but despite the economic argument against it - the high cost of production - easing with lower commodity prices.

Confirmation of the impending doom comes as the Royal Australian Mint celebrates 50 years of decimal currency with commemorative coins and a new book, Inside the Vault by Peter Rees.

"We can foresee a time in the near future where [the five cent coin] will be removed from circulation. The inevitable forces on that are at work," Mr Hawke said.

Ross MacDiarmid, chief executive of the Royal Australian Mint, expects it to "die of its own accord" thanks to its uselessness without any need to officially withdraw it from circulation.

"On the basis of current demand for the five cent piece, our forecast is that it's likely to drop off our production requirements in the next five to 10 years," he said. 58.2 million were minted in 2014, compared with 145.3 million a decade earlier.

But the little echidna-clad coin battles on and its downfall has been prematurely mooted in 2009 and again in 2011.

It survived a 2015 review and the cost of producing each one has almost returned to parity with its face value - thanks to plummeting copper and nickel prices - after climbing to seven cents last year.

With the rise of cashless payments, the future of hard cash is uncertain. The Mint has seen a 25 per cent decline in demand for coins over the last three years (but with a slight and mysterious upturn in the last year), according to Mr MacDiarmid.

About 5 billion coins and $1.3 billion banknotes are in circulation and the chief of the Mint surmises that people still appreciate the security, trustworthiness and anonymity of cash and transacting with it.

While consumers and retailers are mostly on board with getting rid of the smallest denomination, many charities appreciate it.
Elliot Costello, chief executive of charity Y-GAP, says they have collected 10.9 million five cent pieces in a campaign created specifically for the coin.

"That's just short of of $600,000 we've proudly taken off the hands of Australians and put towards remarkable initiatives aimed at eliminating poverty," he said in December.

In 1990, the one and two cent coins were abolished when their bullion value exceeded their face value and inflation caused them to lose their purchasing power.

Sunday, February 14, marks five decades since dollars and cents replaced pounds, shillings and pence - an event known as Currency Day or C Day.

This saw Australia catch up with the 90 per cent of the world already on decimal systems and undergo an unprecedented four-year education campaign, including the well-known jingle to the tune of Click Go The Shears.

15 billion coins later, the Mint has produced commemorative pieces for the anniversary that pay homage to the pre-decimal designs.

Inside the Vault: The history and art of Australian coinage details the surprisingly rich history of money in Australia.

It tells how Australia's longest serving prime minister Robert Menzies wanted the currency to be known as the Royal but a shocking public backlash killed that off. Harold Holt, the treasurer in the lead up to Currency Day, at one stage suggested it be called the Austral.

Two decades later, when the $2 denomination was converted from a note to a coin, then treasurer Paul Keating scuttled a plan to put a wombat on it, insisting that Indigenous people be represented, resulting in the elder we see today.

Source: The Age

It is our choices...that show what we truly are, far more than our abilities. -J. K. Rowling.

Offline malj1

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Re: 50c Coin Likely to Undergo Redesign
« Reply #5 on: February 13, 2016, 10:04:50 PM »
Today marks the 50th anniversary of the introduction of decimal currency into Australia.   :(
Malcolm
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Offline Pabitra

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Re: 50c Coin Likely to Undergo Redesign
« Reply #6 on: February 13, 2016, 11:31:32 PM »
Canada also announced the likelihood of making its 50 cents smaller, about two years ago.
Nothing seems to have come out of the whole exercise.

Large 50 cents or pence seems to be British legacy although even USA seems to have inherited it much after its independence.
« Last Edit: February 01, 2020, 04:17:58 AM by Pabitra »

Offline quaziright

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Re: 50c Coin Likely to Undergo Redesign
« Reply #7 on: February 13, 2016, 11:46:49 PM »
Canada also announced the link.eluhood of making its 50 cents smaller, about two years ago.
Nothing seems to have come out of the whole exercise.

Large 50 cents or pence seems to be British legacy although even USA seems to have inherited it much after its independence.

50c don't circulate as such and it's not so easy to get in any case, I checked a couple of branches of Scotia and rbc each and they don't keep 50c rolls. So it's a moot point to reduce the coin size when people don't use them and therefore don't care

Offline Pabitra

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Re: 50c Coin Likely to Undergo Redesign
« Reply #8 on: February 14, 2016, 12:16:32 AM »
They do not circulate because they are too big for convenient handling.
The cause and effect are in a circular relationship, in this case.😃

Online onecenter

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Re: 50c Coin Likely to Undergo Redesign
« Reply #9 on: February 14, 2016, 03:07:29 AM »
Having collected Australian coins for over 46 years, I think our southern hemisphere numismatic friends would be making a big mistake changing the 12-sided planchet, first issued in 1969.  The shape and design are distinctive to decimalization, much like the seven-sided 50-pence coin is a special feature to decimalization to the British and Irish pounds.
Mark

Offline Pabitra

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Re: 50c Coin Likely to Undergo Redesign
« Reply #10 on: February 14, 2016, 05:52:05 AM »
The proposal to change is only to reduce size ( and may be alloy) but not change the shape.

Offline malj1

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Re: 50c Coin Likely to Undergo Redesign
« Reply #11 on: February 14, 2016, 07:21:22 AM »
More on the semicentennial Dollar Bill and Australians Keep The Wheels Of Industry Turning

Made in 1965 for the Decimal Currency Board in preparation for the changeover to decimal currency on February 14 1966. Dollar Bill and company parade to the repeated strains of the Decimal Currency song, and an exercise in simple addition in pounds, shillings and pence is included to show the virtues of the new system.
Malcolm
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