The humble 5c coin’s days are numbered.

Discussion in 'Numismatics' started by ozcopper, Feb 3, 2020.

  1. ozcopper

    ozcopper Administrator Staff Member

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    More here: https://www.news.com.au/finance/mon...d/news-story/1590553e802c63c6bdecff90a037b220
     
  2. milled

    milled Active Member

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    Someone may be able to explain why money runs in the 1 2 5 sequence. 1 2 5, 10, 20, 50, 100.

    We should have a 200 dollar note. One thing that is obvious enough in the decimalisation era is that the notes haven't been going up beyond 100 (issued 1984 from recall), but the 1 and 2 cent are now gone.

    While the 5c would now be worth something like a 1 or 2 cent piece a generation ago, there is no modern fiat equivalent of what the grey nurse was worth, though there is a clear need. It seems the idea behind this is to discourage holding wealth outside of the banking system.
     
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  3. 66rounds

    66rounds Well-Known Member Silver Stacker

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    It won't be long before the $100 note is removed from circulation with a mandatory return period for swapping to $50 notes. Many ATMs only stock $20's these days
     
  4. Soprano16

    Soprano16 Well-Known Member Silver Stacker

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    You sure about that?

    I've never not been able to get $50's, and even sometimes I'll get $100 notes from the ATM. Never came across an ATM that just gives $20's

    As for the 5c piece, I'm all for scrapping it - just an annoying and useless coin now
     
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  5. ozcopper

    ozcopper Administrator Staff Member

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    The good thing about having 5 cent pieces in circulation is that you can still find 1972 coins in your change ;)
     
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  6. 66rounds

    66rounds Well-Known Member Silver Stacker

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    Yes the non bank private ATMs in my area tend to only stock $20's. All others that I frequent are both $20 and $50
     
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  7. Soprano16

    Soprano16 Well-Known Member Silver Stacker

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    Yeah, to be fair I only use the bank ATM's so that would explain that I guess

    As for the $100 note being phased out - I'd be surprised if that happened anytime soon (And annoyed too - nothing like a crisp hundy :D)
     
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  8. jultorsk

    jultorsk Well-Known Member Silver Stacker

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    There's (at least) two "funny" things in the way this article is written:

    1) "The graph shows the way inflation is eating away at the buying power of the 5c coin. That will continue forever. But the surprising thing is this. The 5c coin is still worth more than the 2c coin was in 1992 when it was withdrawn. And it is worth far more than the 1c coin was worth in 1992."
    - Surely the inflation 'eats away' all currency denominations equally - not just the 5c coin. The comparison of 5c to 2c 'worth' (noting the lack of y-axis labels) at time of decommission in 1992 is just indicative of the variable rate of general inflation. Then again there shouldn't be much surprise in that the 2c was 'worth' twice as 1c at the time of withdrawing the smallest coins, therefore 5c is quite obviously 'worth far more' than 1c coin was. By this logic when inflation jumps to 15% we can retire all the 'silver' coins at the same instance.
    2) "A bunch of silver will bust your wallet long before you have enough to buy a drink."
    - Yes of course it's Aussie lingo to call them shrapnels 'silver'', but now if it were real silver we're using you'd be pretty jolly after spending a 'bunch of silver' in a bar :D

    (BTW Was in London this weekend and got some suggestions the Aussie dollar is becoming "funny money". Average burger or pizza lunch with beverage easily $40+ for one person. Jipes ! :eek: )
     
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