Ghana: Protect me from coins

[Figleaf]

If you have been living with notes and inflation for a long time, the re-introduction of coins can hit the "I don't want to change" button that is so very human. That it all should lead to a re-invention of the wallet strikes me as comical.

Source: The Statesman

Peter

Coin pouches - the new niche market
Suleiman Mustapha & Kwabena Adu Koranteng , 11/07/2007

One week after the circulation of the new Ghana cedis and coins, an exercise which has been widely accepted as successful, sections of the public are, however, complaining about the return of bulky coins.

But, The Statesman can report that one of the greatest challenges facing bankers about the new denominations is also creating a major market opportunity for designers and retailers of coin pouches and wallets.

When The Statesman hit town Monday morning for views on how the public is adjusting to the conversion to the new currency, varied views were expressed, on the new cedi.

Majority of market women we spoke to were still labouring with the conversion rate. But, they were confident that it was only a matter of time for them to get used to it.

What is not going down well with the public are the coins, with some demanding only the new Ghana cedi notes.

At the Standard Chartered Bank, Ring Road Central branch yesterday, clients were seen demanding only new cedi notes, and refusing the continuous call by the bank tellers to mix their money with coins.

They were of the view that, the coins create nuisance in their pockets, and they would only accept them after acquiring coin pouches or wallets to keep them in. This means, there is a niche market for coin pouches.

Checks made by The Statesman point to a growing market for wallets and coin pouches, with local fashion designers expected to enter the market to satisfy the top end of the wallet and pouch custom.

Coins have by and large been effectively out of circulation for the best part of a decade. In the last couple of years, sachet water drinkers and Accra-Tema Motorway users are the only group of consumers who have become regular users of coins.

But with the return of the cedi on par with major currencies such as the US dollar and Euro, coins are back in a big way.

Ghanaians may not be used to it now, but are bound to adjust since they are here to stay, if only the economy can hold to allow the value of the cedi to stay stable.

Already there are signs of local tailors designing various coin pouches, some unisex and others to suit the individual sexes.

According to some of those interviewed they could lose more money, when the coins drop out of their pockets without knowing, but assured that they will get used to it in future.

At the Agricultural Development Bank, Ring Road Central branch, the branch manager, J D Turkson also described the refusal of clients to accept the new Ghana cedi coins as a major challenge to the bank.

"People come here only to withdraw notes, though we have been mandated to assure both coins and notes."

He added, "I think that is due to lack of education, and we need to intensify education on that"

According to him, most clients respond with heated arguments when the tellers attempt to mix their withdrawals with coins. "Petty traders, drivers, market women and several people in Ghana need coins to change the higher denominations, and the refusal of the public for the coins made changing of money in town very difficult."

Also, some of the people interviewed by The Statesman, cited the Gh?1 note as of fading quality, which soils white garments.

While several others described the size of the notes as convenient to carry, there were very few others who saw the size as too small to handle.

"The coins are noted to stay long with the people before returning to the bank, and the refusal of the public to accept them will force the cedi notes to quickly return to the bank. That will create difficulties in retrieving the old Ghana currency".

He therefore called on all banks and stakeholders to intensify their education on the exercise to attract the public, in order to accept the new coins.

He told The Statesman that his outfit has not experienced any deposit of either fake currency in either the new or old forms and said they were ready to tackle it when it happens.

[BC Numismatics]

Peter,have you seen the designs of Ghana's new coins? I've been informed that the new 1 Cedi coin is a bimetal coin.

Perhaps the coins will be rejected by local people,but collectors would only be too glad to snap them up.

Aidan.

[Figleaf]

The official notice of the conversion says that one new cedi is 10 000 old cedis. It lists the coins as 1, 5, 10, 20, 50 pesewas and 1 cedi. The best pics I found are not very satisfactory, but they're here.

Peter

[Figleaf]

Refusal to accept coins as means of exchange is an offence – Supt. Naami
By GNA, Mon, 13 Oct 2008

Police Superintendent John Naami, New Juaben Municipal Police Commander, has warned that refusal to accept any currency, especially coins as means of exchange was an offence liable for prosecution.

He has therefore urged the public to report anyone who refused to accept coins, especially the one Ghana pesewa coin to the police for action because it was a legal tender.

In an interview with GNA, Superintendent Naami said it was wrong for the public to take the law into their own hands and render a legal tender useless.

Referring to the currency Act 1964 and the amended decree of Act 1977, Superintendent Naami explained that the constitution stipulated that "any person who refuses to sell anything offered for sale on the grounds of the currency must be prosecuted."

He stressed that unless the currency ceased to be a legal tender, any refusal to accept it made a person liable to a term of imprisonment not exceeding 10 years or a fine.

A GNA survey in the municipality confirmed reports that the one pesewa coin was not being accepted as a legal tender.

During interview with drivers and traders, they said the one pesewa coin was not being accepted by the public.
A sachet water seller who attempted to retrieve water purchased by a journalist because she was paid with five, one pesewa coins said she had about 60 pieces at home but people refused to accept hence her decision not to accept it any more.

Most of the traders who spoke to GNA, expressed similar sentiments that apart from difficulty in handling the one pesewa coin, the public do not accept it as a legal tender.

Source: Modern Ghana

[Galapagos]

Peter,have you seen the designs of Ghana's new coins? I've been informed that the new 1 Cedi coin is a bimetal coin.
Aidan.

Aidan, the one cedi is indeed bimetallic. I got my BU set a few months back:-


1  pesewa.   Adomi Bridge.
5  pesewas.  Horn blower.
10 pesewas.  A book, symbol of education.
20 pesewas.  Cocoa pod.
50 pesewas.  Market woman.
1  cedi.     Scale of justice.

The designs are competent enough but rather simplistic. I expect better from the Royal Canadian Mint. Their ongoing re-design of the Bahamian coinage is much more pleasing - as was their Zambian circulation set of 1992 (now defunct).

[muenz-goofy]

Dear all,

I was in Ghana for 3 weeks in August and can confirm that the people there do not like coins. You only find few coins of 1 Cedi in circulation, because the note of 1 Cedi is preferred. Throughout 10 years the Ghanaians were not used in coins and they have no convenient wallets to store them. Perhaps this is the reason for their aversion for the coins.

By the way, most of the Ghanaian people still calculate in the old money system. An example: A mini bus conductor in Accra asked me for 5000 Cedis for one fare. I got bewildered  in the first moment, but in the second moment I realized that he was talking about the old currency. He was happy with 50 new Pesewas... 

Regards
Dietmar

[muenz-goofy]

They are still attractive but not top notch - the new Zimbabwean ones easily outclass them.

@Galapagos

You are compareing the new Ghanaian an Zimbabwean coins. I take a different view. The coins of Ghana are minted very properly and the different pictures were considered wery well. When I got the Zimbabwean coins of 10 and 20 $ I was very disapointed. Those coins are a step backward to the items of 5$, 2$ and all the others created by Royal Mint in London. It seems that not only the production of the 2003 coins were made at Byo but also the dies. Nevertheless, those "new" coins in ZIM are already totally useless for the population there. It was ony a spot of a moment in the world of numismatics...

Dietmar

[Figleaf]

The Dutch had no trouble changing over to euros. Our exchange rate was only slightly more complicated: 1 euro is 2 gulden plus 10%; 1 gulden is 50 cents minus 10%. In France, bank statements and some cash registers still give the Franc equivalent, but a euro is about 6.5 franc.

It was different in 1817, when decimal coins were introduced. Until 1904, the gulden coins were marked 100 cent under the coat of arms and the half gulden 50 cent.

Peter

[Galapagos]

@Galapagos

...The coins of Ghana are minted very properly and the different pictures were considered wery well.

When I got the Zimbabwean coins of 10 and 20 $ I was very disapointed. Those coins are a step backward to the items of 5$, 2$ and all the others created by Royal Mint in London. It seems that not only the production of the 2003 coins were made at Byo but also the dies.

Nevertheless, those "new" coins in ZIM are already totally useless for the population there...

I think we are talking about two different things here. I am talking about the style of the designs, not the quality of the metal or of the dies. I like the 1997 2 dollar pangolin design, but the rhino design was only competent. The Zimbabwean designs are significantly more stylish and sophisticated than the Ghanaian ones, in my opinion.

As for the quality of the minting, I can't tell. Maybe you just do not like "plated" coins?

Why are you disappointed by the Zimbabwean coins? Why are they a step backwards? It's a pity that the Zim coins are now useless. Maybe they would have been of more use if they had been made of chocolate (as we talked about in another thread). But in the end, all coins become useless...

[BC Numismatics]

@Galapagos

You are compareing the new Ghanaian an Zimbabwean coins. I take a different view. The coins of Ghana are minted very properly and the different pictures were considered wery well. When I got the Zimbabwean coins of 10 and 20 $ I was very disapointed. Those coins are a step backward to the items of 5$, 2$ and all the others created by Royal Mint in London. It seems that not only the production of the 2003 coins were made at Byo but also the dies. Nevertheless, those "new" coins in ZIM are already totally useless for the population there. It was ony a spot of a moment in the world of numismatics...

Dietmar

Dietmar,
 All of the Zimbabwean coins,including the $10 & $25 coins have now disappeared from circulation,due to the hyperinflation,which officially stands at 231,000,000% & climbing! Add another 6 zeroes onto that,then you are close to the true hyperinflation rate.

The current Ghanaian coins are the very first to depict the full Coat-of-Arms on the obverse.It is good that the Royal Canadian Mint,Winnipeg are striking them,as both Canada & Ghana are both British Commonwealth member states with very strong ties to one another.

Aidan.

[muenz-goofy]

The Zimbabwean designs are significantly more stylish and sophisticated than the Ghanaian ones, in my opinion.

That is a personal matter. We cannot disssolve.

Why are you disappointed by the Zimbabwean coins? Why are they a step backwards?

If I have a Zimbabwean coin of 5$, 2$ or 1$ in my left hand and a piece of the "new" 10$ and 25$ in the right one - not seeing the denomination - , I would insist that the piece in my left hand has a higher value than the one in the right hand. That's what I wanted to say. 

Regards
Dietmar

[BC Numismatics]

Dietmar & Phil,
  Please,let's get back to discussing the Ghanaian coins here.

The 2 most unusual denominations that Ghana has ever had was the 25 Pesewas (struck only in 1965) & the 2-1/2 Pesewas (struck only in 1967).It is interesting to know that the Ghanaian 1958 3 Pence remained in circulation as a 2-1/2 Pesewas right up until 1967,when all the coins depicting Kwame Nkrumah (as Prime Minister of the Dominion of Ghana (1958 coins) & as President (1965 coins)) were withdrawn.The 1967 coinage represented a new era after the overthrow of Kwame Nkrumah in a military coup in early 1966.

Aidan.

[africancoins]

>>The current Ghanaian coins are the very first to depict the full Coat-of-Arms on the obverse.<<

What about the gold 2 Pounds of 1968 Bruce-X6 (previously KM-M6) ?

Thanks Mr Paul Baker

[BC Numismatics]

As I can recall,there are 2 types of the 1958 coins (I'm not sure about the commemorative silver 10/- medal-coin though),in which one type depicts Kwame Nkrumah with an almost bald head.Upon seeing those coins,Nkrumah was very unhappy,so the coins were redesigned.It is very hard to tell the types apart (in my experience).Neither type is catalogued at a high price.

About that 2 Pounds medal-coin,it has the full Coat-of-Arms,but it is on the reverse,not the obverse.

Aidan.

 

[africancoins]

>>About that 2 Pounds medal-coin,it has the full Coat-of-Arms,but it is on the reverse,not the obverse.<<

The fourth edition of Unusual World Coins shows the coat of arms side as the obverse - I would say it is correct.

>>>>>>>>>>>>>>>>>>>>

>>I would insist that the piece in my left hand has a higher value than the one in the right hand<<

I see this as a comment on the overall quality of the production of the 2003 dated coins.

Thanks Mr Paul Baker