Bye-Bye to Russian Kopek Coins - US Cents & Nickels Soon, Too?

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Published : March 13th, 2012
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Category : Opinions and Analysis

 

 

 

 

1, 5 Kopek Coins Going Away

12 March 2012

By Howard Amos







Andrei Makhonin / Vedomosti

The Central Bank mints small-denomination coins at a “significant” loss.

That inevitable accumulation of almost worthless change could become a thing of the past this year as the Central Bank pushes to remove all 1- and 5-kopek coins from circulation.


There are about 7.3 billion 1-kopek and 5.8 billion 5-kopek coins currently in use across the country. One kopek is worth 0.03 cents.

“The majority of this money is not being used and shops are gradually stopping to accept it,” said First Deputy Central Bank Chairman Georgy Luntovsky, Interfax reported. “Moreover the production of these coins is loss-making.”

He declined to name the exact amount that the Central Bank loses in the manufacture of the small-denomination coinage but said it was “significant.”

The debate about the fate of the 1- and 5-kopek pieces is not new — inflation over the past decade has made the coins increasingly worthless. Many shoppers do not even bother to pick up their change when it only amounts to a few kopeks.



Read more:
http://chasvoice.blogspot.com/2012/03/bye-bye-to-russian-kopek-coins-us-cents.html#ixzz1p1PdvNOu

 

 

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Wouldn't hurt to sock away five bricks of nickels (50 $2.00 rolls) you can get at any bank. I tell them I need them for my weekly poker game. Put them in the bottom of a closet and let them sit for 10 years -- triple in value or more? If things get very bad they might be the only U.S. existing currency still accepted.

These will probably disappear by next year. I've just talked myself into doing just that.
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Wouldn't hurt to sock away five bricks of nickels (50 $2.00 rolls) you can get at any bank. I tell them I need them for my weekly poker game. Put them in the bottom of a closet and let them sit for 10 years -- triple in value or more? If things get ve  Read more
Jim C. - 3/13/2012 at 10:43 PM GMT
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