Govt considering scrapping 5c coin

Sunday, June 26, 2011

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High metal prices and inflation might result in the five-cent coin following one-and-two-cent pieces into extinction.

A spokesman for Assistant Treasurer Bill Shorten said the government is considering a recommendation from the Royal Australian Mint to scrap five-cent coins because the cost of making them exceeds their face value, The Sun-Herald reports.

Mr Shorten is worried about what the move would mean for charities, the main recipients of five-and-10-cent coin donations, the newspaper reports.

Advice would likely be sought from the Australian Competition and Consumer Commission to determine standard pricing policies on rounding prices up or down.

One-and two-cent coins were removed from circulation in a 1990 budget move.

21/05/2012 22:12Sydney, Australia. 21 May,2012
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