Suriname: Changes to circulation coins

Started by eurocoin, November 16, 2019, 04:50:30 PM

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eurocoin

The governor of the Central Bank of Suriname has announced that it is planning to make changes to its series of circulation coins. More specifically the technical specifications (diameter, weight and alloys) will be changed. Whether also changes will be made to the designs of the coins is unknown.

Pabitra

See ( in Dutch)

'Introductie nieuw muntgeld in Suriname in voorbereiding' - Waterkant


Loose translation

Suriname will receive new coins soon. What coins are currently in circulation no longer meets today's requirements and also has a high price tag, according to DIME Network Suriname.


 
Less currency goes to the Central Bank of Suriname than it puts into circulation. This means that the money gets stuck somewhere. There are strong suspicions that households are hoarding, resulting in shortages. The retail trade in particular seems to be greatly affected by this.

Since 2014 up to and including July this year, the Central Bank has put almost SRD 65 million in coins into circulation. This is gradually being phased out, but not without reason: A new policy is being prepared, namely the introduction of a new coin.

This will happen the moment the amended currency law is adopted, according to the Governor of the Central Bank of Suriname (CBvS) Robert-Gray van Trikt versus DIME:

eurocoin

It appears that only the alloy of certain coins will be changed. The 10, 25, 100 and 250 cent coins will now be made of nickel plated steel.

eurocoin

#3
The first batch of the new circulation coins arrived in Suriname a few weeks ago. Suriname ordered the following amounts:

10 cents: 11 million pieces
25 cents: 12 million pieces
1 dollar: 10 million pieces
2.5 dollars: 3 million pieces

Edit 06/04: A previous version of this message incorrectly mentioned that the 2 highest denominations were 1 guilder and 2.5 guilders. That of course should have been 1 dollar and 2.5 dollars, as Suriname uses the Surinamese dollar.

Pabitra

Presently, Suriname does not use plural in "cent".
Also, the existing ong series shows only 100 and 250 Cent and not "Guilder".
Has it changed the existing policy officially?

eurocoin

Quote from: Pabitra on March 30, 2022, 05:36:14 PMPresently, Suriname does not use plural in "cent".
Also, the existing ong series shows only 100 and 250 Cent and not "Guilder".
Has it changed the existing policy officially?

Nothing has changed in this regard.

Pabitra

Since 2004, the higher denominational currency unit has been Surinamese Dollar, assigned SRD as code.
The coins are always shown in "Cent" whereas the notes in "Dollars"
See
http://banknote.ws/COLLECTION/countries/AME/SUR/SUR0166.htm


Similar situation was prevailing in Saudi Arabia till 2016 where the coins were in "Halala(s)" and notes in "Riyal(s)". So there was a 100 Halalas coin.

The system of issuing 100 cent coin ( last issued 2017 ) and 250 cent coin ( last issued in 2015) was proposed to be done away with before next series but does not appear to have done, perhaps due to some specific reasons.

malawi


eurocoin

Unfortunately not. Only the alloy has changed.

malawi


Pabitra


Figleaf

In Dutch (and German, for that matter) the denomination is always singular. This usage has spilled over to euro denominations. You can use plural for dollars and cents.

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

Pabitra

Thanks Peter, for clarification.
Are Guilders and Dollars used interchangeably?

Figleaf

That is impossible. Neither the Surinam gulden nor the the Surinam dollar is pegged to the Netherlands gulden (or the euro) or US dollar. A thousand Surinam gulden was exchanged for one Surinam dollar, one hundred of which will get you USD 4.8114 or 4.39441 euri today.

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

eurocoin

#14
The coins with the new alloy were minted by The Royal Mint. Back in 2013, The Royal Mint already proposed to the government of Suriname to change the alloy to nickel-plated steel. The report that The Royal Mint provided back then was used for the current decision. By using nickel-plated steel, Suriname saved 40% on the minting of the coins. In total 1.4 million USD had to be paid for the coins. Interestingly, the precise alloy of the 4 coins varies a little bit. The amendment to the Coinage Act of Suriname can be found here.