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pencilvanian
1000+ Penny Miser Member
USA
2209 Posts |
 Posted - 10/31/2006 : 18:54:05
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New Zealand news, does this mean all of New Zealand prices are now in full dollar amounts? And they say inflation is licked.
Last day for old coins
Today is the last day to cash in millions of dollars worth of loose change, but the Reserve Bank says much of the shrapnel has probably disappeared forever.
From midnight the old 50, 20, and 10 cent coins will no longer be legal tender in shops and the five cent coin is taken out of circulation completely.
Kelvyn Savage from Dick Smith Electronics said the old coins had more or less disappeared over the past month with very few turning up in the tills.
Staff at Hannah’s said the old coins had largely disappeared about two weeks ago and anticipated no real problems with their official removal.
But if the shops won’t take your money the banks will – for another month. After December 1 the Reserve Bank in Wellington will be the only place accepting the old silver coins.
Last week the Reserve Bank reported over 700 million old coins, worth an estimated $80 million, had not been cashed in.
So far, just over 280 million coins had been returned out of more than a billion of the old silver coins issued, Reserve Bank currency manager Brian Lang said.
The Reserve Bank said many of the unaccounted for coins have disappeared overseas in the pockets of tourists, or down wishing wells and drains, but a lot of the unaccounted for cash is likely to be filling charity collection boxes across the country.
Like the tuatara, the five cent coin has proved the most elusive, but Plunket has so far received $575,000 from 11 million five cent coins handed over for the benefit of under-five-year-olds.
Mid and South Canterbury branches of the ANZ have so far tallied up $13,797 donated to the local Plunket cause. Ashburton ANZ branch manager Wendy Crossman expected this figure to rise as the “5s for under fives” appeal officially winds up tomorrow, but said the bank would continue to accept all the old coins as Plunket donations until early next year.
An AC Nielson report and research commissioned by the Reserve Bank ahead of the coin changes showed around 84 per cent of the country’s silver coins were stored in “jars, money boxes or elsewhere”, with 63 per cent of people not cashing in their collections for three months or longer.
The report confirmed there were on average over 185 coins in each of the 1000 households surveyed and 45 per cent of these were five cent coins.
It also concluded 25 per cent of the old coins would never be cashed in, equating conservatively to around 9 million 50 cent coins, 16 million 20 cent coins, 18 million 10 cent coins and 31 million five cent coins.
So if you don’t want to be stuck with those old coins empty your man jars, sweep the car, clear the glovebox and rummage behind the couch cushions now.
October 31 2006
..(Footnotes, I am not sure if what they refer to as "Silver coins" really are silver, as minted in the 1930's, or the cupronickel coins minted when they changed over from Pound Sterling Coinage to Decimal coinage.
If they are hoarding old Silver coins they are to be congratulated for their wisdom!
The New Zealand Five cent coin is cupronickel, slightly larger than a US Cent, slightly smaller than a nickel.
The New Zealand 10, 20 and 50 cent coins were all cupronickel, the 10 cent coin was slightly smaller than a quarter, the 20 and 50 larger than a quarter. Those hoarding these coins will have a numismatic and melt value to look forward to their actions. End Footnotes)
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New Zealand Coin Melt?
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