Paydirt Home Locations Permit Map Equipment Permit Services Gold Price Old Forum Archive

Interesting coin fact


#1

The mighty discontinued 5 cent peice.
A couple of interesting snippets

Between 1967 and 2006 New Zealand has produced 608.5 million 5 cent coins. If they were laid out in a single line, the trail would go from Wellington to Auckland and back eight times. If you stacked them, one on top of each other, the pile would be 730km high. That’s 1910 Sky Towers!

Explain that small value coins are removed when the coin has no spending value - it no longer buys goods on its own. (A more detailed description is that the value of the coin is reduced so much, over time and by inflation, that the coin does not buy goods and is of no real value to consumers. The Reserve Bank estimates that when the 5 cent coin was introduced in 1967 it bought goods that were of value (in today’s terms) of around 65 cents but over the years the 5 cent coin has lost its value.) In 1967 we also had 1 cent and 2 cent coins but these were removed in 1989 because they had lost their value.

A survey of some New Zealanders showed that when 5 cent coins are given as change many people quickly transfer them to a money box or coin storage container at home, or don’t take care of them and lose them easily. Some people even throw them away. There have been televised experiments where 5 cent coins were placed on a street where people could see them, but most people did not bother to bend down and pick them up.

These are indications that the 5 cent coin has lost its value, and so the Reserve Bank (who controls the making and distribution of money in New Zealand) has decided to withdraw it.

Coins lose their value because of high inflation. Now that New Zealand has a lower rate of inflation we are unlikely to need to remove the 10 cent coin for many years.


#2

[quote=“Iggy, post:1, topic:899”]
most people did not bother to bend down and pick them up.[/quote]

Think about it…
If it takes 2 seconds to bend down and pick up a 5c piece - That works out to a $90 hourly rate

Unfortunately having to dig the little beggars only works out to $6/Hr


#3

True as. If i see a silvery type coin in a carpark etc i just leave it there. And i see a few.
If i see a goldie ($1 or $2 coin) i pick it up.

.


#4

I picked them all up…even a cent back in the day…it’s not a case of taking the time to pick it up and then assigning it an hourly ‘cost’ in time spent or wasted as the case may be. Today I have a bottle with 1c and 2c pieces and people comment…it’s fun…it’s a curiosity…it’s awful heavy…it’s worth good scrap value if nothing else. I give a 1c a 2c and a 5c piece to kids who come and they are over the moon and will treasure them…Yes I am glad I picked them up. Funny enough they are worth less in punk condition and yet all us metal detectors treasure them together with the pre decimal coins as though they were Long John Silver, Blackbeard or Captain Kidds treasure! Weird…you would not pick them up then but you did for them now!


#5

Carparks are good, always somethin laying around to be found.
Havn’t picked up a coin in yonks - will keep an eye out.

.