T&T: 1c Coin to be Phased Out, Composition of Other Coins to be Changed

[Bimat]

Central Bank not making cents

Anna-Lisa Paul
Published: Sunday, January 22, 2017

The one cent coin is to be eliminated from T&T's national currency denominations, while the metal composition of the five, ten and 25 cent coins will be altered.

The move, which was announced on the Central Bank's website over the weekend, is expected save Government an estimated $15 million in minting costs yearly. The changes will take place over the next few months.

The Central Bank said: "A single one cent coin currently costs 21 cents to mint and each year the Bank mints on average 45 million one cent coin pieces."

This savings was calculated at approximately $9,450,000.

Additionally, the new metal composition of the five, ten and 25 cent coins will contain a 90 per cent steel core and less than ten per cent nickel and copper overlay. The Central Bank said the new coins will look and feel the same as current coins.

More information will be given over the next few months about where coins can be redeemed, donation drives and publication of the cash price rounding rules.

The Central Bank has the exclusive right to issue and redeem currency notes and coins in T&T. With the approval of the Ministry of Finance, the bank makes decisions on the denomination, substrate and characteristics of local notes and coins.

In the past, the bank has issued limited amounts of one dollar coins to mark special events such as the United Nations Food For All campaign in 1979, as well as commemorative coins in celebration of special events and occasions of national significance.

Source: Guardian

[Bimat]

Here is the press release by Central Bank of Trinidad and Tobago regarding elimination of 1c coin and change in composition of other coins. 

Aditya

[Bimat]

Does this change count as 'major change in circulation sets'?

Aditya

[eurocoin]

Does this change count as 'major change in circulation sets'?

Aditya

No it doesn't.

[<k>]

Does this change count as 'major change in circulation sets'?

Aditya

See: Examples of changes I do NOT regard as major

- and in particular points 5] and 11].

I have just added point 11 to include examples of demonetisation.

Think about it: if you had your legs amputated, would you be a major new Aditya? Not sure? I'll fetch the saw, then. 

[Bimat]

No more 1 cent coins from July

Published on Jun 2, 2017, 9:55 pm AST
Port of Spain

FROM July 1, no more one cent coins will be issued by the Central Bank.

In a notice on Thursday titled "Changes in Coin Composition and Elimination of the one cent coin", the Central Bank said no more one cent coins would be issued and the five, ten and 25 cent coins with a new metallic composition will be issued.

The bank said it will be launching a coin redemption drive, the notice stated.

The Central Bank said cash rounding guidelines will apply for bills after the one cent coin is eliminated from the financial system.

If a customer's total bill after taxes ends in a zero or five (eg, $25.20), then it will not be rounded. Rounding down will apply if a total bill after taxes ends with a one, two, six or seven, then it will be rounded down to the nearest five cent, the bank stated. For instance, $25.21 will be rounded to $25.20. If a customer's total bill after taxes ends with a three, four, eight or nine, then it will be rounded up to the nearest five cent.

Source: Trinidad Express