Proposed Scrapping of Australian Five Cent Coin

In today's paper, re the surcharge on credit cards: "The latest survey of merchants by banking researcher East & Partners has found that the average surcharge is now 2.55 per cent, a figure that it says is in "stark contrast" to the average merchant fee for Bankcard, MasterCard and Visa of 0.81 per cent."
http://www.theage.com.au/business/card-users-pay-dearly-20110309-1bnai.html (9 March 2011)

This is my first vblog so pls be kind! Took me ages, though the finished product doesn't look it.

Here are some links about the proposed scrapping of the Australian 5¢ coin that I found interesting:

Newspaper article:
http://www.theage.com.au/national/5cent-piece-not-worth-a-cracker-20090522-bi...

Info about Australian coins
http://www.australianstamp.com/Coin-web/aust/decimal.htm#InComeAnchor

IHateBanks.com: credit card fees
http://www.ihatebanks.com.au/interchgfees.htm

Category:

News & Politics

Tags:

• 5¢
• coin
• Australia
• Australian
• currency
• five
• cents
• Royal
• Mint
• scrapping
• ditching
• circulation
• money
• echidna

[JezebelDecibel]

I have around $35 dollars of Australian 1 & 2 cent coins & the 97% copper copper value is worth over $60. Over the next 2 years copper is expected to double in price. However, I doubt that I will have double the purchasing power of $35 dollars held in Australian fiat $ notes. The 5 cent coin has the most value out of all the coins in it 75% copper & 25 % Nickel content. The 10 & 20 cents are close. The 50 cent is worth less as far as weight to metal ratio. It may be worth holding bulk 5 cents.

[portantwas]

@JezebelDecibel Thanks for info. Often forget that coins are actually made out of something that could be reclaimed and used for some other purpose!

[NikkoYM]

Well done, good graphics and info :)

[portantwas]

Thanks!

[elton1981]

Wow I didn't realise the Aussies got rid of their coppers so long ago. I wad there in 1990 and they still had them. I loved that nearly all the coins were the same size and value as the British ones. So a 20c coin was about the same size and value as a 10p and a $2, a £1

[infinityproductions]

If the 5 cent coin is scraped and all prices are rounded up this would increase our currency value. Less physical money, the more our currency is worth. My opinion is that this is a good idea.

[s14filmsetc]

@kiltsonfire164 coins from the 60's aren't always as valuable as you might think. because so many were produced during that time period, they just aren't rare (the exception being 5c coins from 1968).

google search "Rare Australian Decimal Coins" and you'll find a site with heaps of info on rare aussie coins :)

[fdbngkasjfbgi]

is pauline hansen doing the voice over for this?

[TheOneAndOnlySarahB]

if all prices were rounded then i wouldn't mind but if they don't then i would like my 5 cents change when i pay for something :)

[brono25]

@0FaceMan0 Im pretty sure 96, 97 rounds down to 95, and 98 99 rounds up.

[MissPonderosa]

lol ooooonly us Australians would grapple about this crap and say... not something important XD

[kiltsonfire164]

I have some 5 cent coins from the 60's and i am hoping they will be very valuable some day.

[MeatCloud]

@JezebelDecibel

Isn't it illegal for anyone to destroy, alter etc any Australian tender?

I though that, in a way, the tender itself always remains 'federal property'... so you can't melt it down.

Therefore, a coin is only ever worth its face value to the one holding it.

Federal offense probably isn't worth the $60 mate. Shout your mates a feed at a place where you've received crappy service and pay with your coins.

Revenge is fun.