Author Topic: The Bahamas plan to demonetize their 1 cent coin  (Read 120 times)

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Offline eurocoin

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The Bahamas plan to demonetize their 1 cent coin
« on: September 19, 2019, 10:40:59 PM »
The Central Bank of the Bahamas has published plans to demonetize their 1 cent coin at the end of 2020 after which it can still be exchanged until June 2021. It has lost 90% of its purchasing power since its inroduction 54 years ago. Furthermore it is increasingly rarely being used. Only 52% of the population still regularly uses 1 cent coins. A majority of businesses and banks estimate that they currently incur handling and processing costs higher than the face value of the coins. The 1 cent coin of the Bahamas was last minted in 2015.
« Last Edit: September 20, 2019, 07:59:02 AM by eurocoin »

Offline Pabitra

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Re: The Bahamas plan to demonetize their 1 cent coin
« Reply #1 on: September 20, 2019, 06:56:20 AM »

It has not been minted since 2015.

It will cease to be legal tender from Dec. 31, 2020

Central Bank proposing elimination of 1 cent coin effective Dec. 31, 2020 ?