Dick Johnson also forwarded these thoughts on an article form Australia advocating the elimination of their 5-cent coin. -Editor There is a movement among shopkeepers in Australia to do away with the 5-cent coin. The elimination of the one-cent and two-cent coins in 1992 has been so successful that they now see the merit to abolish the 5-cent coin for commercial transactions. All sales would be rounded off to the nearest 10-cent multiple.
Nearby New Zealand has already abolished the 5-cent coin -- in 2006 -- so it is not that Australia would be the first, but would be the largest country to effect the economies of realistic value of their lowest coin in circulation. Citizens have called the 5-cent coin "shrapnel" as it fills their pockets and is tossed aside at the end of the day.
There is an optimum number of coin denominations in circulation for any country. As economies advance the need for very low value coins diminishes -- 10c, 50c, $1, $2 and $5 coins would be the optimum denominations to fill five-compartment cash registers around the world. We wonder how long it will be before Americans come to this realization.
To read the complete article, see: Shopkeepers and retailers say five cent coins should be scrapped (http://www.news.com.au/business/story/0,27753,25354376-462,00.html)
Wayne Homren, Editor
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