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#1 2016-02-14 09:54:11

JulieW
Silver Stacker
From: Australia
Registered: 2010-10-14
Posts: 10,975

Bye Bye 5 cent pieces

Exactly 50 years since they were introduced, it seems five cent coins could be on their way out.

On 14 February 1966, Australia's pounds, shillings and pence were replaced with dollars and cents.

Or, as the official song went: "In come the dollars and in come the cents/ To replace the pounds and the shillings and the pence …"

But as inflation inevitably took its toll on the currency, low-value notes slowly became coins and low-value coins were ruthlessly thrown into the dustbin of history. First the one-dollar note became a coin, shortly followed by the two-dollar bill. Then the one- and two-cent coins stopped being produced.

Now, in remarks made almost exactly half a century after the introduction of decimal currency, the chief executive of the Royal Australian Mint, Ross MacDiarmid, has indicated five-cent coins could be on their last legs, too.

"I think the five-cent piece is almost dying a natural death," he told the ABC.

"We've seen a halving of the demand for five-cent pieces over the past five years and our expectation is that it will just simply progress, it's lost its utility, it will lose interest from the public."

Besides the effect of inflation, MacDiarmid said technology such as contactless electronic payment was lowering demand.

Celebrating the 50th anniversary of decimal currency, MacDiarmid said the new national currency reflected the nation's story, echoing growth and development in Australian society since 1966.

"Almost 50 years ago, on 14 February, Australians took a step towards a more united country featuring typically Australian designs on all of our coins, and so the Royal Australian Mint wants to capture this moment and celebrate with the public," he said.

As part of the celebrations, the mint will make round, gold-plated 50-cent coins, ahead of a possible permanent shift to a round design.

http://www.theguardian.com/australia-ne … -and-pence

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#2 2016-02-14 11:38:10

Beyond
Member
From: sydney
Registered: 2015-03-29
Posts: 1,771
Trades :   79 

Re: Bye Bye 5 cent pieces

i hate to use 5c


always interested in silver coins from all countries
sell silver and gold coins too

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#3 2016-02-14 11:55:15

JulieW
Silver Stacker
From: Australia
Registered: 2010-10-14
Posts: 10,975

Re: Bye Bye 5 cent pieces

Take care of the pennies.........

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#4 2016-02-14 14:07:26

SpacePete
Silver Stacker
Registered: 2014-03-01
Posts: 13,403
Trades :   122 
Website

Re: Bye Bye 5 cent pieces

JulieW wrote:

Besides the effect of inflation, MacDiarmid said technology such as contactless electronic payment was lowering demand.

I was at a city convenience store a few weeks ago and the electronic payment system had just gone down. The two people in front of me had to leave without buying their small item (a drink or something). They did not even have $5 in cash in their pocket. Nothing. People are increasingly using contactless payment cards for everything.


Catus amat piscem, sed non vult tingere plantas

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#5 2016-02-14 15:30:52

wrcmad
Silver Stacker
From: Northern NSW
Registered: 2012-01-02
Posts: 6,088
Trades :   118 

Re: Bye Bye 5 cent pieces

SilverPete wrote:

I was at a city convenience store a few weeks ago and the electronic payment system had just gone down. The two people in front of me had to leave without buying their small item (a drink or something). They did not even have $5 in cash in their pocket.

That could have been me. big_smile
I rarely carry cash, not even 5 bucks. cool


Anything is possible, but not everything is probable.  wink

Manipulation..... If you want to continually subscribe to this idea then get out of precious metals. Only a fool would play a game that is completely rigged. As you still are in the game, I would say that you are not completely convinced of the manipulation ...

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#6 2016-02-14 15:44:07

DanielM
Silver Stacker
From: Melbourne
Registered: 2012-10-23
Posts: 2,988
Trades :   31 

Re: Bye Bye 5 cent pieces

I think I hold the record. 50c cone from McDonald's on credit card


Don't be shy....Stack it high!!

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#7 2016-02-14 20:26:08

Naphthalene Man
Silver Stacker
From: Hunter Valley, NSW
Registered: 2010-02-25
Posts: 5,365
Trades :   101 

Re: Bye Bye 5 cent pieces

I still use them. Does that mean that those such as me who try to post with cash now have to round to the nearest 10 cents? So I lose another 4 cents.

smile

Last edited by Naphthalene Man (2016-02-14 20:26:49)


''Up ahead they's a thousand' lives we might live, but when it comes, it'll only be one''
- Ma in John Steinbeck's The Grapes of Wrath.

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#8 2016-02-14 20:27:13

Skyrocket
Silver Stacker
From: Melbourne
Registered: 2014-07-20
Posts: 4,740
Trades :   36 

Re: Bye Bye 5 cent pieces

JulieW wrote:

Bye Bye 5 cent pieces



Good, because the past year I been collecting and buying rare 1972 5 cent coins just for this reason.

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#9 2016-02-14 20:47:28

Golden ChipMunk
Member
From: Jupiter, Venus, Mars
Registered: 2012-12-12
Posts: 6,727
Trades :   255 

Re: Bye Bye 5 cent pieces

Naphthalene Man wrote:

I still use them. Does that mean that those such as me who try to post with cash now have to round to the nearest 10 cents? So I lose another 4 cents.

smile

That's the idea....

Left, Right & Center keep losing them all


Original Perth CAPSULES - All Sizes Available
Full/ Half SOVEREIGN caps, contact Chip wink

Please leave pm , I will reply back  wink Chip

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#10 2016-02-16 06:51:56

wrcmad
Silver Stacker
From: Northern NSW
Registered: 2012-01-02
Posts: 6,088
Trades :   118 

Re: Bye Bye 5 cent pieces

DanielM wrote:

I think I hold the record. 50c cone from McDonald's on credit card

lol


Anything is possible, but not everything is probable.  wink

Manipulation..... If you want to continually subscribe to this idea then get out of precious metals. Only a fool would play a game that is completely rigged. As you still are in the game, I would say that you are not completely convinced of the manipulation ...

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#11 2016-02-16 07:13:43

systematic
Member
Registered: 2010-06-06
Posts: 6,412
Trades :   

Re: Bye Bye 5 cent pieces

This may have more to do with the maker wanting to avoid its contractual obligation to provide a currency with a production cost threatening its face value ... they deserves no  sympathy ...


if everyone is thinking the same, we aren't thinking very much ...

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#12 2016-02-16 07:32:35

SilverDJ
Member
From: Australia
Registered: 2014-11-01
Posts: 2,499

Re: Bye Bye 5 cent pieces

SilverPete wrote:

I was at a city convenience store a few weeks ago and the electronic payment system had just gone down. The two people in front of me had to leave without buying their small item (a drink or something). They did not even have $5 in cash in their pocket. Nothing. People are increasingly using contactless payment cards for everything.

I hope they learned valuable lesson.

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#13 2016-02-16 07:35:05

SilverDJ
Member
From: Australia
Registered: 2014-11-01
Posts: 2,499

Re: Bye Bye 5 cent pieces

Naphthalene Man wrote:

I still use them. Does that mean that those such as me who try to post with cash now have to round to the nearest 10 cents? So I lose another 4 cents.
smile

Likely the opposite. $9.95 items will get rounded down to $9.90.
Only a fool would increase the price to $10, that psychological ploy still works, so the extra sales would offset the new loss, no problem.

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#14 2016-02-24 10:18:00

bunyip
Member
Registered: 2012-09-11
Posts: 28
Trades :   

Re: Bye Bye 5 cent pieces

The reason 5c coins are out of fashion is because the parking meters accept nothing less than a 10c piece.
the most abundant place to dispose of the small change does not accept them.


In the land of the blind, the one-eyed man is king.

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#15 2016-02-24 16:11:25

raven
Silver Stacker
From: Victoria
Registered: 2014-04-27
Posts: 1,205

Re: Bye Bye 5 cent pieces

I'm gonna stack 'em !
smile

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#16 2016-02-24 17:02:14

tozak
Silver Stacker
From: Australia
Registered: 2011-05-05
Posts: 2,036
Trades :   176 

Re: Bye Bye 5 cent pieces

Only fair if you remove the 5c piece due to inflation then you introduce a $500 note at the same time


The whole world only one block apart

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#17 2016-02-24 17:10:25

SpacePete
Silver Stacker
Registered: 2014-03-01
Posts: 13,403
Trades :   122 
Website

Re: Bye Bye 5 cent pieces

tozak wrote:

Only fair if you remove the 5c piece due to inflation then you introduce a $500 note at the same time

Just waiting for Australia to be completely sold off to foreign interests, then they can issue the new notes.

ITsau46.jpg


Catus amat piscem, sed non vult tingere plantas

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#18 2016-03-30 23:26:58

Proper Gander
Member
From: Melbourne
Registered: 2015-03-03
Posts: 34
Trades :   

Re: Bye Bye 5 cent pieces

raven wrote:

I'm gonna stack 'em !
smile

I've got a huge bucket of them for the reason mentioned above parking meters and vending machine don't accept them any more.

Out of interest, are the old 1 and 2c pieces worth more than 1 and 2c these days?

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#19 2016-03-30 23:33:34

ozcopper
Administrator
From: Australia
Registered: 2009-07-16
Posts: 13,826
Website

Re: Bye Bye 5 cent pieces

Canada just got rid of their $1000 note!

BC61a65EKA0221906-2.jpg?1417450529
Source: http://www.cdncoin.com/product-p/bc61a65eka0221906.htm

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#20 2016-03-31 00:06:17

HoldMeTender
Silver Stacker
From: Nunya
Registered: 2016-01-06
Posts: 877
Trades :   12 

Re: Bye Bye 5 cent pieces

Well good riddance, everyone knows these small denomination coins support international terrorism, arms and drug dealing and money laundering!


All that glitters is not gold...
...but all that is gold glitters!

Windbag in Spandex

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#21 2016-03-31 00:12:41

Roswell Crash Survivor
Silver Stacker
From: Zeta Reticuli
Registered: 2011-04-11
Posts: 1,902
Trades :   31 

Re: Bye Bye 5 cent pieces

They are still legal tender in Canada, just stopped issuing them.

Any turned over to a Canadian financial institution are sent back to Bank of Canada (Reserve Bank) for destruction; the usual excuses (oh-ah-organized crime, money laundering blablabla) were cited.


The Roswell Crash Survivor

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#22 2016-03-31 01:42:11

Lunardragon
Silver Stacker
From: Land of Nineth Dragon
Registered: 2011-10-19
Posts: 3,884
Trades :   244 

Re: Bye Bye 5 cent pieces

so Julie,
we should hoard the new 2016 5cents changeover upon release smile

Last edited by Lunardragon (2016-03-31 01:42:23)


An Opportunity comes only once. Grab it while you can!

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#23 2016-03-31 02:29:40

JulieW
Silver Stacker
From: Australia
Registered: 2010-10-14
Posts: 10,975

Re: Bye Bye 5 cent pieces

Lunardragon wrote:

so Julie,
we should hoard the new 2016 5cents changeover upon release smile


For your great grand children?

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#24 2016-03-31 03:09:22

Lunardragon
Silver Stacker
From: Land of Nineth Dragon
Registered: 2011-10-19
Posts: 3,884
Trades :   244 

Re: Bye Bye 5 cent pieces

Hahaha I am a flipper for this kind of coins


An Opportunity comes only once. Grab it while you can!

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#25 2016-03-31 04:30:30

GRETZKY427
Silver Stacker
From: Australia/Canada
Registered: 2014-11-21
Posts: 1,059
Trades :   63 

Re: Bye Bye 5 cent pieces

wrcmad wrote:
SilverPete wrote:

I was at a city convenience store a few weeks ago and the electronic payment system had just gone down. The two people in front of me had to leave without buying their small item (a drink or something). They did not even have $5 in cash in their pocket.

That could have been me. big_smile
I rarely carry cash, not even 5 bucks. cool

I always have atleast $5...what if for a chance your ATM card buggered up and you could with drawn some cash...then you would stuffed tongue

Cheers, HAPPY STACKING :-)

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