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Author Topic: Sweden: New coins and notes in 2015/2016  (Read 11985 times)

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Offline Pabitra

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« Last Edit: September 30, 2016, 05:38:06 PM by Pabitra »

Offline Pabitra

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Re: Sweden: New coins and notes in 2015/2016
« Reply #46 on: October 08, 2016, 03:13:28 PM »
How come still no images of actual coins so far?
We do have some members from Sweden?

Offline FosseWay

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Re: Sweden: New coins and notes in 2015/2016
« Reply #47 on: October 08, 2016, 04:54:30 PM »
How come still no images of actual coins so far?
We do have some members from Sweden?

I don't know how many active members from Sweden there are other than me. And I live on the other side of the country from Stockholm. All that stuff about getting sample bags of coins from Riksbanken referred to Stockholm, and nowhere else. I wasn't about to take a day's leave and spend 7 hours on the train to go and get some! They'll turn up in change in good time  :)

Offline Alan71

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Re: Sweden: New coins and notes in 2015/2016
« Reply #48 on: October 08, 2016, 09:35:09 PM »
Very radical. I guess they're by implication pushing adoption of the euro even further off.
I appreciate I'm picking up on a post that's five and half years old, but I'm curious as to why there's a slight obsession with the Euro on this forum.  As coin collectors, surely we should want as much diversity, and as many different types of coins, as possible?  And seeing as Sweden voted against the Euro in the 2003 referendum by 54.9% to 42%, it would be a very stupid and dictator-like government that would try and introduce the Euro now.

I like the new coins, but not sure about the copper-coloured 1 and 2 kronor.  I'm of the opinion that's it's the copper colour, and not the value itself, that gives the impression the coins are of little value.  Another obsession on this forum that I've noticed is this belief that all countries should abandon their 1p/1c and 2p/2c coins.  Again, as collectors, we should be wanting these coins to remain as long as possible, not predicting and seemingly hoping for their demise!

Offline Pabitra

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Re: Sweden: New coins and notes in 2015/2016
« Reply #49 on: October 09, 2016, 02:23:10 AM »
They'll turn up in change in good time  :)

Sure, they will, sooner or later.
From my personal experience of Sweden, much later than in most countries.
2013 commem Krona turned up in circulation only by August 2014.
Of all the people I have met, Swedes avoid loose change the most.

Offline FosseWay

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Re: Sweden: New coins and notes in 2015/2016
« Reply #50 on: October 09, 2016, 09:53:51 AM »
I appreciate I'm picking up on a post that's five and half years old, but I'm curious as to why there's a slight obsession with the Euro on this forum.  As coin collectors, surely we should want as much diversity, and as many different types of coins, as possible?  And seeing as Sweden voted against the Euro in the 2003 referendum by 54.9% to 42%, it would be a very stupid and dictator-like government that would try and introduce the Euro now.

Every time a non-euro-using EU country radically redesigns its coinage, comments along the lines of "this is a eurosceptic political statement" appear. It's not just on this forum; in fact, because we are more interested in the coins themselves than the politics, I've actually seen far more such comments in the general media. This was noticeable in 2008 when the UK changed its coin designs (though not the specifications) - and a less likely candidate for euro membership is hard to imagine. No-one is planning to introduce the euro in Sweden and in any case it would require a referendum.

Quote
I like the new coins, but not sure about the copper-coloured 1 and 2 kronor.  I'm of the opinion that's it's the copper colour, and not the value itself, that gives the impression the coins are of little value. 

They are of little value, relatively speaking - copper colour is generally used for the lowest denominations across the world. Personally I would have made the 1 and 2 kronor copper, kept the 5 silver but reduced its size, and introduced a 20 - Denmark, Norway, the eurozone and sterling all have a coin equivalent to roughly 20 kronor and it seems rather odd that Sweden didn't take the chance to introduce one. 20-krona notes get filthy and worn very quickly.

Quote
Another obsession on this forum that I've noticed is this belief that all countries should abandon their 1p/1c and 2p/2c coins.  Again, as collectors, we should be wanting these coins to remain as long as possible, not predicting and seemingly hoping for their demise!

I have sometimes wondered this, as well. But - and I guess this depends on what you collect and what you consider a "coin" - there is a flip side. Is a coin that is minted for bureaucratic reasons and is legal tender in theory, but to all intents and purposes is not used by the public in transactions, actually a coin? The most obvious example I can think of is in pre-euro Italy, where 5, 10 and 20 lire coins were regularly minted by the central bank, and not just for sets, but were never used. The same is true of 1 and 2 eurocents in those countries where they are not used, though these can at least be taken to Germany or France and spent as usual.

Also, as inflation has rendered the lowest denominations useless it generally also means that new high denominations start to be minted, so the total variety of coins does not change. I appreciate this may change with the advent of electronic payments for relatively small sums - this will affect the £2 range of coins rather than the 10p range, at least at first, and this may be the thinking behind Sweden's failure to introduce a 20-krona coin.

Offline Figleaf

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Re: Sweden: New coins and notes in 2015/2016
« Reply #51 on: October 09, 2016, 10:38:01 AM »
I don't think collectors are or should be interested in as many types as possible. In principle, collectors are observers, taking things as they are, not as collectors think they ought to be. I remember a few decades ago being in full disagreement with the attempts of ANA and ANS to lobby the US Congress for more coin types. Not sure if it was these attempts or the SBA dollar that brought about the current annual deluge of spurious types, but I am sure I don't want to collect them. One of the reasons I dislike the term collector coins is that I, collector will spurn them and I don't think I am the only one.

The best reason I can think of for wanting more types is having too much money to spend on coins. If that's a "problem", I would argue that it is far more rewarding to take the collection back in time. The second best reason is "all the holes in the collection is stuff I cannot afford and going back in time will only make that worse". The obvious solution would be to take on other areas, e.g. British Commonwealth issues for UK collectors, but not necessary related. Think of fourth century Roman bronzes. They're still dirt cheap, (cheaper still if you are willing to take off the dirt yourself) impossible to complete and it just takes an investment in a few books. There is a reason that the cliché collection in any country is "my own country and Romans".

The bonuses of the above alternatives is that it's cheaper than new commemorative issues, the coins have more history and they're real coins.

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

Offline chrisild

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Re: Sweden: New coins and notes in 2015/2016
« Reply #52 on: October 09, 2016, 08:07:02 PM »
Every time a non-euro-using EU country radically redesigns its coinage, comments along the lines of "this is a eurosceptic political statement" appear.

Don't think so, and I am somewhat surprised by the reaction to a five year old topic that suddenly wants to bring the euro into this.  ::) Reminds me of Don Quijote fighting windmills ... You are right, it's simply a non-issue. I have friends who live in Skåne (Southern Sweden) part time so to say, and we talked about the new cash a few days ago. Will get a set, and the Greta Garbo note :) from them later.

Of course Sweden is theoretically obliged to introduce the common currency, just as Poland or Hungary are. (Once the UK leaves, Denmark will be the only member state with an opt-out.) But practically any non-euro member state is welcome to stay out. Has been that way for years, and works fine.

Christian

Offline Pabitra

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Re: Sweden: New coins and notes in 2015/2016
« Reply #53 on: October 13, 2016, 01:10:16 AM »
Actual photos

Offline Bimat

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Sweden: New coins and notes in 2015/2016
« Reply #54 on: September 01, 2017, 07:23:36 AM »
Last chance to deposit your old Swedish coins

The Local
news@thelocal.se
31 August 2017
07:26 CEST+02:00

Sweden's money changeover is nearly over. But check your coat pockets, because there may still be more than a billion's worth of old coins out there and today is the last day to hand them in to the bank.

Sweden's ongoing banknote and coin changeover, which began in 2015, has entered its final phase, with the remaining old 1-, 2- and 5-kronor coins and 100- and 500-kronor notes becoming invalid last month.

August 31st is the last day to hand the coins in at a bank (you still have until June 30th next year to deposit the 100- and 500-kronor notes). But only around 43 percent have been received so far and Sweden's central bank, the Riksbank, believes there is almost 1.6 billion kronor in coins still out there.

“The oldest coins are from the late 19th century, so one must assume that some have quite simply disappeared, or are being retained as they may be collector's items. But on Thursday it is the last day the banks will accept the old coins, so anyone wishing to get rid of them needs to act quickly,” said Christina Wejshammar, head of the Riksbank's cash and payment systems department, in a statement.

[...]

Source: The Local
Caution. The low-hanging fruits are still there maybe for a reason.

Offline Alan71

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Re: Sweden: New coins and notes in 2015/2016
« Reply #55 on: September 01, 2017, 09:33:27 AM »
"The oldest coins are from the late 19th century"?  And they really expect these back?  By this I'm taking it to mean coins from that period are still legal tender but haven't actually been seen in circulation for decades?  A bit like the UK's double-florin - still legal tender but not circulated since the time it was issued?

Offline FosseWay

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Re: Sweden: New coins and notes in 2015/2016
« Reply #56 on: September 01, 2017, 09:54:56 AM »
"The oldest coins are from the late 19th century"?  And they really expect these back?  By this I'm taking it to mean coins from that period are still legal tender but haven't actually been seen in circulation for decades?  A bit like the UK's double-florin - still legal tender but not circulated since the time it was issued?

The outgoing 1 krona coins were made to the same size and weight from 1875 to 2013, though in different metals (0,800 silver, 0,400 silver, Cu-Ni clad copper, and solid cupro-nickel). The best parallel here is with the shillings and florins from 1816 and 1849 respectively that were legal through to 1990/1993. The Swedish equivalent of the double-florin was the old 2-kronor, which was issued for a few years in Cu-Ni in the late 1960s and early 1970s but was larger than the new 5 kronor that replaced it. These, and their silver predecessors, were also legal tender until this summer. I have over the years had a few silver 1 krona coins in change, of the 1950s-60s design that was the same as the 1968-73 Cu-Ni type that was common in circulation. But I've never seen a 2 kronor coin in use (other than the new copper-plated steel ones, of course).

It's not so much that Riksbanken expects coins from 1875 to be returned. It is more that they know how many they've issued between 1875 and 2013, and they know how many of these have been returned, but probably do not know the breakdown of returns for each intervening year or even metal type. I imagine the same was true of British shillings/5p and florins/10p when these were removed from circulation, unless the published stats simply ignored pre-1947 issues on the basis that the proportion of the total that was made up of silver issues was in practice vanishingly small.

Offline Figleaf

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Re: Sweden: New coins and notes in 2015/2016
« Reply #57 on: September 01, 2017, 10:10:13 AM »
The old coin business is what accountants call a contingent liability. An 1875 krone that has been issued and not returned is a liability for the government. In principle, they need to hold a cash reserve of 1 krone just in case someone returns it. That's a krone they cannot spend on something else.

Experience tells us that when silver coins are demonetised, normally only about half of the pieces issued are returned. When non-silver euro coins were introduced, the number of pieces returned was higher, but still, millions of coins were not exchanged. I believe chrisild has detailed figures. What it amounts to is that a significant amount of cash is tied up doing nothing on the remote chance that it is necessary to exchange old coins.

To free up that money, the government just needs to declare it will no longer accept the old coins. Common decency says that before you do that, you give people one last chance to hand in their old coins.

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

Offline chrisild

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Re: Sweden: New coins and notes in 2015/2016
« Reply #58 on: September 01, 2017, 11:35:30 AM »
Sorry, no detailed numbers regarding the euro area as a whole. In most member states the old coins were demonetized a while ago, so there should be precise figures now. Six countries - Austria, Estonia, Germany, Ireland, Latvia, Lithuania - have unlimited redemption periods at least for the last pre-euro generation coins (regulations vary from country to country), and in those places there is no particular incentive to turn the older pieces in "ASAP".

As for Germany alone, about 167 million DEM banknotes and 23.5 billion Mark/Pfennig coins, still hang around somewhere. :) Just as in Sweden, details about the denominations are unknown. Anyway, that is a total of roughly 12.8 billion mark or 6.5 billion euro. The coins are quite likely to be "forgotten", ended up with collectors or, ahem, in gutters. Notes are often kept as a cash reserve, under mattresses across the world ...

Christian

Offline FosseWay

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Re: Sweden: New coins and notes in 2015/2016
« Reply #59 on: September 01, 2017, 12:14:37 PM »
Last time I visited my coin dealer in Gothenburg I got "sucked in" to helping sort about 500 kg of assorted mostly modern coinage. The Swedish stuff was dealt with separately, but foreign stuff we divided according to whether the coins were (a) current legal tender, (b) redeemable at central banks, or (c) invalid. The last category was divided into "interesting" and "scrap", and the scrap, together with invalid bronze and Cu-Ni Swedish coins, was bagged for sale to a scrap merchant.

We ended up with a good 10-15 kg of DM coins, which will in the fulness of time be redeemed in Germany.

Irish coins can be redeemed back to the start of independent Irish coinage in 1928. Given that most predecimal Irish coins were of the same specification as their UK equivalents, I'm not sure what safeguards there are to stop people shipping tons of UK coins there and redeeming them. It may even be that the metal value of predecimal bronze is so much more than the face value that the CBI is willing to pay face value for them!