Author Topic: The coinage of Namibia  (Read 1679 times)

0 Members and 1 Guest are viewing this topic.

Offline Figleaf

  • Administrator
  • Honorary Member
  • *****
  • Posts: 28 776
Re: The coinage of Namibia
« Reply #30 on: August 17, 2018, 12:05:57 PM »
Don't get hung up on insignificant legal detail, Pabitra. Round pounds are still around in the UK. They are being passed off to naive tourists who look like tourists, such as my wife. I found them in her small change on every single trip to the UK we made since they were demonetised.

What circulates is not what is legal tender but what is accepted as payment.

Peter
An unidentified coin is a piece of metal. An identified coin is a piece of history.

Offline chrisild

  • Honorary Member
  • *****
  • Posts: 8 397
  • NW · DE · EU
Re: The coinage of Namibia
« Reply #31 on: August 17, 2018, 01:13:24 PM »
What circulates is not what is legal tender but what is accepted as payment.

Basically agreed, but the demonetized £1 coins are not generally accepted any more. If they were, people would not have to resort to poor naive tourists. ;)

In Switzerland for example, many older coins are not legal tender any more. But if you happen to have a 10 or 20 ct/rp coin from 1938, or a 5 fr coin from 1992 (none of which are legal tender), chances are they will still be accepted as means of payment. Now as for the UK, are these old £1 coins used similarly? From what I have read, they are not. Sure, if you have an account with a bank in the UK, you may fairly easily get a pound for a pound. But in the proverbial high street?

Christian

Offline Figleaf

  • Administrator
  • Honorary Member
  • *****
  • Posts: 28 776
Re: The coinage of Namibia
« Reply #32 on: August 17, 2018, 02:29:20 PM »
Any main street bank will change them, but tourists (at least tourists of my type) are always short of time and short of local information. It is significantly less of an effort for those who pass on the demonetised coins to go to a bank and change them themselves than for the duped tourist.

Anyway, my point was rather that round pounds are still around and still used for giving change, notwithstanding their legal tender status. I have no info on what goes on in other parts of the economy, but I suspect that in certain parts (e.g. street markets and wayside stalls) a native runs the same risk of getting old pound coins in change.

Peter
An unidentified coin is a piece of metal. An identified coin is a piece of history.

Offline <k>

  • Moderator
  • Honorary Member
  • *****
  • Posts: 19 919
Re: The coinage of Namibia
« Reply #33 on: August 19, 2018, 12:43:47 PM »








As for the designs, I find that the zero numeral on the denominations are too circular. This makes them look like an alphabetic letter "O", rather than the normally thinner character that is used for numeral zero.

There are other coins of other countries that show similar zeroes, but they are infrequent. Can you think of any?

Offline chrisild

  • Honorary Member
  • *****
  • Posts: 8 397
  • NW · DE · EU
Re: The coinage of Namibia
« Reply #34 on: August 19, 2018, 01:40:52 PM »
Since we are OT anyway ;) the Federal Republic of Germany did a trick - the zero on the 10 Pfennig coins is round outside but oval inside. Austria did pretty much the same thing with its 10 Schilling coin. The Dutch 10 cent types issued between 1948 and 2001 had round 0's too. And if we take collector coins into account, we get many more circular zeros ...

Christian

Offline <k>

  • Moderator
  • Honorary Member
  • *****
  • Posts: 19 919
Re: The coinage of Namibia
« Reply #35 on: August 19, 2018, 01:56:49 PM »
The Nigeria 50 kobo is a bit suspect too. Maybe the zero just looks too big, relative to the "5".

Offline kena

  • Senior Member
  • ***
  • Posts: 440
  • UK-Yank
Re: The coinage of Namibia
« Reply #36 on: April 18, 2019, 10:09:47 PM »
I was down in Namibia for 3 weeks in March, spending most of the time in Swakopmund which is located on the coast.

The acceptance and use of credit and debit cards is common place these days since I was last there in 2007.  Back in 2007,  petrol could only be purchased with cash.

The use of the 5 cent coin has declined.  I also did not see any 1998 dollar coins this time around.  The 10 dollar coin was not widely used but I did get a couple to look at and spend from the Metro Cash & Carry store.

The tills do seem to have a good stock of each denomination.   Newest coin date found was the 2015 5 dollar coin.

South African coins and notes are freely accepted but you tend to get Namibian coins and notes back as change in Swakopmund.

Offline Figleaf

  • Administrator
  • Honorary Member
  • *****
  • Posts: 28 776
Re: The coinage of Namibia
« Reply #37 on: April 25, 2019, 09:40:30 PM »
The use of the 5 cent coin has declined.

END OF THE ROAD FOR THE 5-CENT COIN – CENTRAL BANK DISCONTINUES MINTING

Posted by Intern | Apr 25, 2019
The Bank of Namibia this week announced that the minting of the lowest denomination, the 5 cents coin has been discontinued.

The coin, however, will remain legal tender and accepted as a medium of payment at Namibian retailers and businesses indefinitely, the central bank said in a statement.

According to the bank the decision to discontinue the minting of the coin was due to the low recycling of the coins due to increased accumulation by members of the public in their households.

BoN Deputy Director: Corporate Communications, Kazembire Zemburuka said this resulted in unnecessary pressure being exerted on the 5 cent coin denomination, given the current high withdrawal rate noted by the bank over the past few years.

Furthermore, Zemburuka said the bank noted that the handling costs for the coin have become exorbitant for commercial banks and retailers.

“Moreover, the coin has a low purchasing power, compared to other denominations in terms of the number of goods or services that a 5 cent coin can buy,” he added.

Meanwhile the bank shall continue supplying commercial banks with the 5 cents coins with the current stock that is expected to last until the end of August.

Source: Namibia Economist.
An unidentified coin is a piece of metal. An identified coin is a piece of history.