Author Topic: Seychelles: New Series of Coins and Banknotes to be Issued in December 2016  (Read 5122 times)

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Offline Bimat

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Seychelles: New Series of Coins and Banknotes to be Issued in December 2016
« Reply #15 on: December 10, 2016, 04:21:44 PM »
Interesting that the 10 rupees is a bimetallic heptagon. How many other bimetallic heptagon coins are there in the world?

Jordan ˝ Dinar. Any others?

Aditya
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Offline <k>

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Re: Seychelles: New Series of Coins and Banknotes to be Issued in December 2016
« Reply #16 on: December 10, 2016, 04:46:39 PM »


Quick thinking, Batman Bimat!

Online eurocoin

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I had a look at the minted coins to see if it was possible to tell the difference between the mints. The only obvious differences are the latent image that is only included on the coins that were made by The Royal Mint and the font of the date on the obverse of the coin. Furthermore it was also clear that the metal that was used at The Royal Mint was of a higher quality than that used at South African Mint (which was to be expected).



As I mentioned earlier, the 1 cent, 5 cents, 10 cents and 25 cents coins have been minted at the South African Mint while the 1 Rupee, 5 Rupees and 10 Rupees coins have been minted at The Royal Mint
« Last Edit: January 03, 2017, 09:01:40 PM by eurocoin »

Offline Bimat

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Seychelles: New Series of Coins and Banknotes to be Issued in December 2016
« Reply #18 on: February 03, 2017, 02:59:34 PM »
Rusty rupees: New coins from Seychelles sent to UK for tests

Victoria, Seychelles | February 3, 2017, Friday @ 15:09

(Seychelles News Agency) - The Central Bank of Seychelles said on Friday that it has sent rusted 10 rupee coins to the UK for analysis.

The head of the banking services, Mike Tirant, said authorities received reports of the damaged 10 rupee coins in December last year and started collecting them.

The coins have been sent to the Royal Mint to determine what has caused them to rust barely a month after they were put into circulation. Tirant said the important thing is to establish how it happened.

“Has it happened during production process or is it something or an element that the coins have been exposed to, and whether all 10 rupees coins are affected or if it is just a batch," he said.

Preliminary results are expected in by mid February.

The Central Bank of Seychelles has refuted the possibility that the coins, made to replace the ten rupee notes, might be counterfeit.

“For Seychelles we do not expect counterfeits with the 10 coins. The value is too low for someone to try and counterfeit, and the samples we have collected so far are all genuine Central Bank coins which we have put out in circulation, “ said Tirant.

The Royal Mint is a company that the Central Bank has been working with since 1982. It has the expertise to determine why the coins are rusting.

The metal used to produce coins is nickel plated steel and normally does not rust. However rust can occur depending on what element the coin has been exposed to. The material which is brass coated is yellow in colour.

The new 10 rupee coin is made of the same material like the one cent, five cents and ten cents coins used in the currency of Seychelles, a group of 115 islands in the western Indian Ocean.

Around 600,000 of the 10 rupee coins were put into circulation from early December last year. The Central Bank has collected some 150 damaged coins.

Further production of the coin has been suspended pending investigation.

The Central Bank is advising any one with the damaged coins to bring them to the bank in the country’s capital Victoria.

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

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Re: Seychelles: New Series of Coins and Banknotes to be Issued in December 2016
« Reply #19 on: February 03, 2017, 03:28:05 PM »
Wow that looks very bad  :o  I hope for the Royal Mint that they didn't use the exact same alloy for the new 1 pound coins!

Offline Bimat

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Seychelles: New Series of Coins and Banknotes to be Issued in December 2016
« Reply #20 on: February 03, 2017, 03:40:10 PM »
I hope for the Royal Mint that they didn't use the exact same alloy for the new 1 pound coins!

I was about to say that!!!! :-X

I hope the problem is limited just to one batch and not all the coins. Else we could see legal battle between the central bank and the mint. The Chilean experience with the Dutch mint is not that old...

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

Online milkshakespeare

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Re: Seychelles: New Series of Coins and Banknotes to be Issued in December 2016
« Reply #21 on: February 04, 2017, 12:29:26 AM »
Wow that looks very bad  :o  I hope for the Royal Mint that they didn't use the exact same alloy for the new 1 pound coins!

The new steel core coins, no matter what they are plated with will get absolutely rotten very soon. For example the small euro cents are bright only for a few days, after that they are only "usable" but very ugly. Perhaps that's the rationale with all of the steel core coins.

Offline Bimat

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Seychelles: New Series of Coins and Banknotes to be Issued in December 2016
« Reply #22 on: February 07, 2017, 07:44:40 AM »
May be the Royal Mint did not take into account (or underestimated) the humid weather on the islands? Seems unlikely but that could be the reason...

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

Offline Bimat

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Seychelles: New Series of Coins and Banknotes to be Issued in December 2016
« Reply #23 on: February 23, 2017, 10:12:51 AM »
Slight production defect may be responsible for Seychelles' rusted coins

Victoria, Seychelles | February 23, 2017, Thursday @ 10:41

(Seychelles News Agency) - The Central Bank of Seychelles said this week that a slight defect in production may be responsible for the rusting of some of the new ten rupee coins.

CBS had sent the rusted 10 rupee coins to the UK for analysis at the end of January after receiving reports of the damaged coins in December last year.

The Head of Division of Banking Services, Mike Tirant, said that this is the preliminary findings in the investigation conducted by Royal Mint of the UK.

“The defect may have resulted in some of the coins to be susceptible to corrosion and at risk of rusting,” Tirant told SNA.

Tirant added that they are in contact with their partner to continue the investigation and establish why this happened and also what can be done to ensure the quality and durability of the coins that the central bank puts into circulation.

“We are still exploring different options with Royal Mint on how we can rectify this situation,” Tirant said.

Around 6,000 of the 10 rupee coins were put out in circulation in early December last year. To date CBS had collected around 130 rusted coins.

The Central Bank has a contract with Royal Mint for the production of over 2 million coins, among which 1 million have already been produced.

The metal used to produce coins is nickel plated steel and normally does not rust. However, rust can occur depending on what element the coin has been exposed to. The material which is brass coated is yellow in colour.

CBS reassures members of the public that it is committed to ensuring that the newly circulated coins are of the highest quality, and people who may still have the damaged ones can still exchange them at the Central Bank.

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

Offline Pabitra

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Re: Seychelles: New Series of Coins and Banknotes to be Issued in December 2016
« Reply #24 on: February 03, 2018, 11:44:32 AM »
New bimetallic 10 Rupees with revised specifications, to be issued.

See

http://www.seychellesnewsagency.com/articles/8627/

Offline Bimat

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Seychelles: New Series of Coins and Banknotes to be Issued in December 2016
« Reply #25 on: February 03, 2018, 01:59:34 PM »
New bimetallic 10 Rupees with revised specifications, to be issued.

See

http://www.seychellesnewsagency.com/articles/8627/

That confirms my theory (see reply# 22) that the Royal Mint did not take into account the humid weather on the islands:

Quote
Made of nickel plated and nickel brass, the new coins are expected to be more resilient to the climate than the previous ones which although were nickel plated had brass plated steel.

The switch is being made after the Royal Mint in the UK reported that the rusted look seen on the 10 rupee coins already in circulation since December 2016 is caused by Seychelles’ climate and exposure to seawater.

[...]

Simon Lake, Director of Sales of the Royal Mint, said, “It appears that the climate in Seychelles and the way that the people use the coin exposes them to sea water which causes this explosion that looks like rust on the surface of the coin.”

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

Offline Pabitra

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Re: Seychelles: New Series of Coins and Banknotes to be Issued in December 2016
« Reply #26 on: February 08, 2018, 05:28:41 PM »
 >:(
That confirms my theory (see reply# 22) that the Royal Mint did not take into account the humid weather on the islands:

Sri Lanka has also abandoned plated steel coins in favour of stainless coins.
I believe, the weather there is equally humid but they never had such problems.
I think the production process at the Royal mint is responsible for this debacle.

Offline Big_M

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It seems that the new corrected 10 rupees (dated 2018) is out.

Offline Pabitra

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Yes, it is.

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The coin series was designed by Royal Mint engraver Thomas Docherty.