Wikipedia
Withdrawal of low-denomination coins
The withdrawal of a country's lowest-denomination coins from circulation (usually a one-cent coin or equivalent) may either be through a decision to remove the coins from circulation, or simply through ceasing minting.
The Swiss 1 Rappen coin, last minted in 2006
Reasons
This withdrawal may be due to the high cost of production, since the coin may be worth less than its cost of production. For example, when Canada phased out its penny in 2012, its production cost was 1.6 cents per penny.[1] Other reasons include low purchasing power and low utility. Often coins are withdrawn after their purchasing power has been eroded after decades of inflation. In Switzerland, the 1 Rappen coin had fallen into disuse by the early 1980s, but was still produced until 2006, albeit in ever decreasing quantities. Conversely, the British Treasury department initially argued for the retention of the decimal halfpenny, on the grounds that its withdrawal would drive up inflation.[2]
In some countries, such as New Zealand,[3] withdrawn coins are declared to be no longer legal tender; in other countries, such as Australia, they remain legal tender indefinitely.[4]
When the coin in question is no longer minted, cash transactions are rounded, typically through Swedish rounding.[5]
Efforts have been made to end the routine use of pennies, and equivalents thereof, in several more countries, including the United States.[6] Countries in the Eurozone have had different responses to the issue; according to James Debono writing for Malta Today, "scrapping the coins is considered unthinkable for Germany where both consumers and retailers are obsessed with precise pricing."[7]
Countries
Countries that have withdrawn their lowest-denomination coins include:
| Country | Coin(s) | Year of last minting | Withdrawal date | Legal tender? | Notes |
|---|---|---|---|---|---|
| Algeria | 1, 2, 5, 10, 20 and 50 centimes 1⁄4 and 1⁄2 dinars | 1980s 2000 | 1980s 2000 | No | |
| Argentina | 1 centavo 5 centavos 10 centavos 25 centavos 50 centavos | 2000 2011 2011 2010 2010 | N/A | Yes | Not officially withdrawn. |
| Australia | 1 and 2 cents | 1991 | 1 February 1992 | Yes | Legal tender for amounts not exceeding 20 cents;[4] can be paid into bank accounts but sometimes refused. |
| Austria | 1 groschen 2 groschen 5 groschen 20 groschen | 1950 1991 1992 1954 | 31 December 2001 31 December 2001 31 December 2001 30 April 1959 | No | As of 1 January 2002, with the introduction of the euro, it lost its function as a legal currency. |
| Bahamas | 1 cent | 2014 | 2020 | Yes | Production of the one cent coin ended on 31 January 2020; one cent coins remained as valid coins for use until 30 December 2020; will be accepted for full redemption from the partner banks of the Central Bank of the Bahamas through 30 June 2021. |
| Bangladesh | 1, 5, 10, 25 and 50 poysha | 2001 | N/A | Yes | Legal tender for amounts not exceeding 50 poysha. |
| Belgium | 1 centime 2 centimes 5 centimes 10 centimes 20 centimes 25 centimes 10 francs | 1914 1919 1943 1946 1963 1975 1979 | 7 May 1953 7 May 1953 1 January 1957 1 January 1957 26 November 1969 4 July 1980 25 June 1985 | No | With the introduction of the euro on 1 January 2002, the 50 centimes, 1 franc, 5 francs, 20 francs and 50 francs coins ceased to function as legal currencies. |
| Brazil | 1 centavo | 2005 | N/A | Yes | Not officially withdrawn. |
| Canada | 1 cent | 2012 | 4 February 2013[8] | Yes | Non-cash transactions are still denominated to the cent. |
| Chile | 1 and 5 pesos | 2016 | 1 November 2017[9] | No | Amounts are rounded to the nearest 10 pesos. |
| China | 1 fen 2 and 5 fen 2 jiao | 2018 2000 1986 | N/A N/A 1 July 2000 | Yes Yes No | 1, 2 and 5 fen coins are not officially withdrawn. Amounts are rounded to the nearest 1 jiao (0.1 yuan or 10 fen). |
| Colombia | 1 centavo 5 centavos 10 centavos 20 centavos 50 centavos 1 peso 2 pesos 5 pesos 10 pesos 20 pesos | 1978 1979 1980 1979 1982 1981 1988 1993 1994 2008 | 1978 1979 1980 1979 1982 1981 1988 1993 1994 2008 | No | Amounts are rounded to the nearest 50 pesos. |
| Cook Islands | 1 cent 2 cents 5 cents | 1983 1983 1994 | 1993 30 April 2016 | No | Production of 1 and 2 cents coins ceased in 1983 and were demonetized in 1993, 5 cents coin demonetized on 30 April 2016, along with previous coin issues. |
| Costa Rica | 5 céntimos 10 céntimos 25 céntimos 50 céntimos 1 colón 2 colones 5 colones 20 colones | 1979 1982 1989 1990 1998 1984 2016 1996 | 1979 1982 1989 1990 1998 1984 2016 1996 | No | |
| Croatia | 1 and 2 lipa | 2012 | 31 December 2022 | Yes | As of 2009, 1 and 2 lipa coins struck only as annual coin sets.[10] With the introduction of the euro on 1 January 2023, it will cease to function as a legal currency, along with 5, 10, 20, 50 lipa, 1, 2 and 5 kuna coins. |
| Czech Republic | 10 and 20 haléřů 50 haléřů | 2003 2008 | 31 October 2003 31 August 2008 | No | |
| Denmark | 1 and 2 øre 5 and 10 øre 25 øre | 1973 1989 2008 | 1 April 1973 1 July 1989 1 October 2008 | No[11] | Exchangeable at Danmarks Nationalbank for 3 years after withdrawal - now treated as scrap metal. |
| Dominican Republic | 1 and 5 centavos 10 and 25 centavos 1⁄2 peso | 1989 1991 1990 | 1989 1991 1990 | No | |
| Egypt | 5, 10 and 20 piastres | 2008 | 2008 | No | |
| Fiji | 1 and 2 cents | 2005 | 13 November 2008 | No | |
| Finland | 1 penni 5 penniä 20 penniä | 1979 1990 1990 | 1979 1990 1990 | No | As of 1 January 2002, with the introduction of the euro, it lost its function as a legal currency. |
| Honduras | 1 centavo 2 centavos | 1998 1974 | 1998 1974 | No | |
| Hong Kong | 1 cent 5 cents | 1941 1980 | ? 1 January 1989 | No | Can be exchanged or paid into HSBC bank. |
| Hungary | 2 and 5 filler 10 and 20 filler 50 filler 1 and 2 forint | 1992 1996 1999 2008 | 30 September 1992 30 September 1996 30 September 1999 1 March 2008 | No | 2- and 5-filler coins were exchangeable at the Hungarian National Bank until 31 December 1993. 10- and 20-filler coins were exchangeable until 31 December 1997. 50-filler coins were exchangeable until 30 September 2000. 1- and 2-forint coins were exchangeable for five years from the date of withdrawal.[12] |
| Iceland | 5, 10 and 50 aurar | ? | 1 October 2003 | No | |
| India | 1 paisa 2 paise 3 paise 5 paise 10 paise 20 paise 25 paise 50 paise | 1981 1979 1971 1994 1998 1997 2002 2016 | 30 June 2011 30 June 2011 30 June 2011 30 June 2011 30 June 2011 30 June 2011 30 June 2011 N/A | No No No No No No No Yes | On 30 June 2011, all coins in denominations of 25 paisa and below were officially demonetised.[13] |
| Indonesia | 1 and 5 rupiah 2 rupiah 10 rupiah 25 rupiah | ? ? 1979 1996 | ? 15 November 1996 15 November 1996 31 August 2010 | No | |
| Ireland | Halfpenny (decimal) | 1986 | 1 January 1987 | No | |
| Israel | 1 agora 5 agorot | 1990 2007 | 1 April 1991 1 January 2008 | No | Exchangeable at the Bank of Israel and commercial banks for 3 years from withdrawal. Amounts are rounded to the nearest 10 agorot. |
| Jamaica | 1 cent 5 cents 10 cents 20 cents 25 cents 50 cents | 2012 1994 2012 1990 2012 1990 | 15 February 2018 1994 15 February 2018 1990 15 February 2018 1990 | No | |
| Japan | 1 rin 5 rin 1⁄2 sen 1 sen 2 sen 5 and 10 sen 20 sen 50 sen 1 yen | 1892 1919 1892 1945 1892 1946 1911 1948 2016 | 1953 1953 1953 1953 1953 1953 1953 1953 N/A | No No No No No No No No Yes | All rin and sen coins were eventually demonetized at the end of 1953 when the Japanese government passed a law abolishing subsidiary coinage in favor of the yen. 1 yen coin have not been officially withdrawn and are produced in limited quantities for annual coin sets. |
| Kazakhstan | 2, 5, 10, 20 and 50 tiyin | 2001 | 31 December 2012 | No | |
| Kenya | 5 cents 10 cents 25 cents 50 cents | 1991 1994 1973 2009 | 31 December 2011 31 December 2011 31 December 2011 N/A | No No No Yes | |
| Kyrgyzstan | 1 tyiyn | N/A | N/A | Yes | Not officially withdrawn; was minted in limited numbers as part of a new series of coins for general circulation for collectors. |
| Malaysia | 1 sen | 2008 | 1 April 2008[14] | Yes | |
| Mexico | 5 centavos | 2002 | 2002 | Yes | Not officially withdrawn, minting of coin ceased. |
| Moldova | 1 ban | 2017 | N/A | Yes | Not officially withdrawn, only the production of the coins was stopped. |
| Mongolia | 1, 2, 5, 10, 15, 20 and 50 möngö | 1981 | 1992 | No | |
| Morocco | 1 santim 5 santimat | 2001 2010 | N/A | Yes | Not officially withdrawn. |
| Netherlands | 1⁄2 cent 1 cent 2+1⁄2 cents | 1948 1983 1948 | 1948 1983 1948 | No | With the introduction of the euro on 1 January 2002, the 5 cents, 10 cents, 25 cents, 1 guilder, 2+1⁄2 guilders and 5 guilders coins ceased to function as legal currencies. |
| New Zealand | 1 and 2 cents 5 cents | 1987 2004 | 30 April 1990 1 November 2006 | No[3] | Exchangeable at the Reserve Bank of New Zealand, but amounts over $5 must be paid into a New Zealand bank. |
| Nigeria | 1⁄2, 1, 5, 10 and 25 kobo | 2007 | 28 February 2007 | No | 1⁄2 to 25 kobo coins were withdrawn from circulation with effect from 28 February 2007. |
| North Macedonia | 50 deni | 1993 | 1 January 2013 | No | Exchangeable at banks from 1 January to 31 March 2013; exchangeable only at the National Bank of North Macedonia thereafter.[15] |
| Norway | 1 and 2 øre 5 øre 10 øre 25 øre 50 øre | 1972 1982 1992 1985 2012 | 1975 1985 1993 1985 1 May 2012 | No | Norges Bank is obliged to redeem 50-øre coins until 2022.[16] |
| Organisation of Eastern Caribbean States (OECS) | 1 and 2 cents | 2013 (1 cent) 2011 (2 cents) | July 2015 | No | 1 and 2 cents coins were withdrawn from circulation from July 2015, and remained legal tender until 30 July 2020. |
| Pakistan | 1 paisa 2 paisa 5, 10, 25 and 50 paisa | 1979 1976 1996 | 1 October 2014 1 October 2014 1 October 2014 | No | On 1 October 2014, all coins in denominations of 50 paisa and below were officially demonetised.[17] |
| Panama | Medio Centesimo | 1940 | 1940 | No | |
| Papua New Guinea | 1 and 2 toea | 2006 | 19 April 2007 | No | |
| Peru | 1 céntimo 5 céntimos | 2011 2018 | 1 May 2011 1 January 2019[18] | Yes | |
| Philippines | 1⁄2 centavo 10 centavos 20 centavos 50 centavos 2 pesos | 1908 2017 1945 1994 1994 | 1908 N/A 1945 1998 1998 | No Yes No No No | 10 centavos coin are not officially withdrawn. |
| Russia | 1, 5, 10 and 50 kopeks | 2018[19] | N/A | Yes | Not officially withdrawn. |
| Serbia | 1 para 5 para 10 para 50 para | 1994 1996 1998 2007 | 1 May 2003[20] 1 May 2003 1 May 2003 1 January 2008 | No | Serbian dinar replaced the Yugoslav dinar in 2003. |
| Singapore | 1 cent | 2002[21] | N/A | Yes | Not officially withdrawn. |
| Slovakia | 10 and 20 halierov | 2003 | 31 December 2003 | No | As of 1 January 2009, with the introduction of the euro, it lost its function as a legal currency. |
| Slovenia | 10 and 20 stotinov | 2006 | 31 December 2006 | No | As of 1 January 2007, with the introduction of the euro, it lost its function as a legal currency. |
| South Africa | 1 and 2 cents 5 cents | 2002[22] 2012[23] | 1 April 2002 1 April 2012 | Yes | |
| South Korea | 1 and 5 won | 1991 | N/A | Yes | 1 and 5 won coins have not been officially withdrawn and are produced in limited quantities for the Bank of Korea's official annual coin sets since 1992. Amounts are rounded to the nearest 10 won. |
| Sweden | 1 and 2 öre 5 and 25 öre 10 öre 50 öre | 1971 1984 1991 2009 | 30 June 1972 30 June 1985 30 September 1992 30 September 2010 | No | Payable into bank accounts for several months after withdrawal - now treated as scrap metal. |
| Switzerland | 1 Rappen 2 Rappen | 2006 1974 | 1 January 2007 1978 | No | Exchangeable at the Swiss National Bank for 20 years after withdrawal. |
| Taiwan | 10 and 20 cents 50 cents | 1981 2004 | N/A | Yes | Not officially withdrawn. |
| Thailand | 1, 5 and 10 satang | N/A | N/A | Yes | Not officially withdrawn, used only in transactions between domestic banks. |
| Trinidad and Tobago | 1 cent | 2014 | 2018 | No | Production ceased in 2014 and lost its validity in 2018; exchangeable at the Central Bank of Trinidad and Tobago. |
| Tunisia | 1 millime 2 millimes | 1990 1983 | N/A N/A | Yes Yes | Not officially withdrawn. |
| Ukraine | 1 kopiyka 2 kopiyky 5 kopiyok 25 kopiyok | 2016 2014 2015 2016 | 1 October 2019 1 October 2019 1 October 2019 1 October 2020 | No | Exchangeable for 3 years after withdrawal. Amounts are rounded to the nearest 10 kopiyok (₴0.1).[24] |
| United Arab Emirates | 1 fils 5 fils 10 fils | 2005 2014 2018 | N/A N/A N/A | Yes Yes Yes | Not officially withdrawn. |
| United Kingdom | Half farthing (1⁄8 d) farthing (1⁄4 d) ha'penny (1⁄2 d, 1⁄480 £) 1⁄2 penny (1⁄200 £) | 1856[25] 1956 1967 1983 | 1870 1960 1969 31 December 1984 | No[2] | Decimal halfpennies can be paid into bank accounts at the discretion of commercial banks; cannot be exchanged by the general public at the Royal Mint, although private companies exist which can do so. |
| United States | 1⁄2 cent | 1857 | February 21, 1857 | Yes | All US coinage, pursuant to the Coinage Act of 1965, is legal tender for any amount. |
| Uruguay | 10 and 20 centésimos 50 centésimos | 1994 2008 | 2005 1 July 2010 | No | |
| Uzbekistan | 1, 3, 5, 10, 20, and 50 tiyin 1, 5 and 10 sum | 1994 2000 2001 | 1 March 2020 1 March 2020 1 March 2020 | No | |
| Vanuatu | 1 and 2 vatu | 2011 | 31 March 2011 | Yes[26] | |
| Vietnam | 200 đồng 500 đồng 1,000 đồng 2,000 đồng 5,000 đồng | 2003 2004 2003 2004 2003 | April 2011 April 2011 April 2011 April 2011 April 2011 | Yes |
See also
References
- ^ "Canada cuts costs by eliminating penny, while US still clings to iconic coin". FoxNews.com. 4 February 2013. Retrieved 12 October 2015.
- ^ a b "1984: Halfpenny coin to meet its maker". BBC. Retrieved 21 October 2015.
- ^ a b "History of New Zealand Coinage". Reserve Bank of New Zealand. Retrieved 20 October 2015.
- ^ a b "RBA Banknotes: Legal Tender". Rba.gov.au.
- ^ "Save the penny or leave the penny?". www.cbc.ca. Retrieved 2015-10-12.
- ^ Lewis, Mark (5 July 2002). "Ban The Penny". Forbes. Retrieved 2009-05-07.
- ^ Debono, James (10 April 2014). "1c and 2c coins here to stay". Malta Today. Retrieved 20 October 2015.
- ^ "Phasing out the Penny | Canada's Economic Action Plan". ActionPlan.gc.ca. Retrieved 12 October 2015.
- ^ "El fin de las monedas de $1 y $5 y la regla de redondeo para el pago de beneficios". www.ips.gob.cl.
- ^ "Kovanica 1 lipe, jedna lipa - katalog hrvatskog novca | KUNALIPA". www.kunalipa.com. Retrieved 2015-11-23.
- ^ "Say Goodbye to the Smallest Danish Coin, the 25-Øre". CoinNews.net. Retrieved 21 October 2015.
- ^ "Exchangeable cash withdrawn from circulation". Hungarian National Bank. Retrieved 20 October 2015.
- ^ "Coins of 25 paise and below will not be Legal Tender from June 30, 2011". rbi.org.in. 18 May 2011.
- ^ "Doing away with one-sen coin payment". The Star. 14 November 2007. Retrieved 20 October 2015.
- ^ Bogov, Dimitar (26 April 2012). "Decision on Withdrawal from Circulation of Coins in Denomination of 50 Deni" (PDF). Skopje: National Bank of North Macedonia. (PDF) from the original on 13 November 2013. Retrieved 4 August 2020.
- ^ "50-øre coin withdrawn in 2012". Norges Bank. Retrieved 21 October 2015.
- ^ "SBP announces ceasing of coins up to 50 paisa". Business Recorder. 2 October 2013. Retrieved 27 October 2020.
- ^ "MONEDAS DE 5 CÉNTIMOS DEJARÁN DE CIRCULAR DESDE EL 1 DE ENERO DE 2019" (PDF). Central Reserve Bank of Peru (in Spanish). October 31, 2018. (PDF) from the original on May 27, 2019. Retrieved October 31, 2018.
- ^ "Russia stops minting kopeks". 14 May 2019.
- ^ "Кованице од 1, 5, 10 и 50 пара избачене из употребе, али не и из цена". Radio Television of Serbia. 1 August 2017. Retrieved 26 October 2020.
- ^ Ang, Benson (25 June 2013). . AsiaOne. Archived from the original on May 15, 2014. Retrieved 20 October 2015.
- ^ "One Cent (1c)". South African Mint. Retrieved 21 October 2015.
- ^ "5c coin to be discontinued". The Times. 24 November 2011. Retrieved 21 October 2015.
- ^ . Національний банк України (in Ukrainian). Archived from the original on 24 August 2019. Retrieved 24 August 2019.
- ^ "Fractional Farthings". Royal Mint Museum. Retrieved 10 Dec 2021.
- ^ (PDF). Reserve Bank of Vanuatu. Archived from the original (PDF) on 2 November 2012. Retrieved 21 October 2015.