India to melt billions of coins.

cladking · November 9, 2004 7:04AM

People are getting tired of using coins with very little value and are beginning
to refuse the small denomination coins. The government is recalling the coins
and they presumably will be destroyed. This will apply to all coins of less than
1/2 Rupee and will leave the country without a coin as low valued as the Lin-
coln cent. Many billions of coins will be involved in the recall though many won't
be turned in because they have been previously destroyed, aren't worth the
trouble, or will be kept as souvenirs. These circulating coins contain no unc ex-
amples except for the most recent dates.

Looks like another one's about to bite the dust.

laurentyvan · November 9, 2004 7:13AM

Kiss the small denominations goodby. The same thing is occuring in Europe-nobody wants to use them and they have adapted to rounding up or down.

The USA will probably be the last of the countries to continue using a one penny or equivilent coin. You've gotta have that 100th birthday!

ColinCMR · November 9, 2004 8:29AM

Interesting news.

Askari · November 9, 2004 1:20PM

Sad news, though.

spinaker2000 · February 23, 2011 10:30AM

wonder if it happened?

Syracusian · February 23, 2011 4:06PM

When I saw Askari's icon, I knew it was a resurrected thread.

<< wonder if it happened?

>>

The US does not have to worry about its cent, but about its dollar. Keep it as a banknote as long as you can,and leave its coin equivalents for collectors. I wish there was a 1 euro and a 1 pound banknote. Real inflation begins, when the 5 euro note that you have is the smallest in existence and crappier in appearance.

Sapyx · February 23, 2011 5:07PM

Quote from the current Wikipedia article on the rupee:

<< However, with effect from 30 June 2011, 50 paise will be the minimum coin accepted in the markets as all denominations below it will cease to be legal currency. >>

So yes, it took a while but the half-rupee will soon be the smallest officially circulating coin. Unofficially even those smaller denominations are little-used in many parts of the country.

In between when this old thread was posted and today, of course, India had a few other coin hiccups. The 2005 coin series had to be withdrawn after a storm of protest from Hindu fundamentalists angry at the allegedly Christian symbolism, and Calcutta ran out of coins as stainless steel became a bullion metal when rupee coins were being privately melted down and smuggled across the border into Bangladesh to make razor blades.

Andres · February 24, 2011 9:09AM

<< 
The US does not have to worry about its cent, but about its dollar. Keep it as a banknote as long as you can,and leave its coin equivalents for collectors. I wish there was a 1 euro and a 1 pound banknote. Real inflation begins, when the 5 euro note that you have is the smallest in existence and crappier in appearance. >>

and many are in favor to replace the 5 euro note for a 5 euro coin, those little tiny flimsy 5 euro notes dont last long in circulation.
and most european countries issue many 5 euro coins already, in silver for collectors, some in nickel for circulation.
you almost never see them in circulation though, most are picked up by collectors untill now.
(5 euro = 7 USD)

shirohniichan · February 24, 2011 2:03PM

<< When I saw Askari's icon, I knew it was a resurrected thread. >>

I thought we had a Yeti appearance.

sumnom · February 24, 2011 2:53PM

<< 

<< When I saw Askari's icon, I knew it was a resurrected thread. >>

I thought we had a Yeti appearance.

>>

I don't think we'll ever see him again.

coinsarefun · February 24, 2011 4:02PM

So maybe this one will be worth something soon

Clashed die and all

Syracusian · February 24, 2011 9:12PM

<< 

<< 
The US does not have to worry about its cent, but about its dollar. Keep it as a banknote as long as you can,and leave its coin equivalents for collectors. I wish there was a 1 euro and a 1 pound banknote. Real inflation begins, when the 5 euro note that you have is the smallest in existence and crappier in appearance. >>

and many are in favor to replace the 5 euro note for a 5 euro coin, those little tiny flimsy 5 euro notes dont last long in circulation.
and most european countries issue many 5 euro coins already, in silver for collectors, some in nickel for circulation.
you almost never see them in circulation though, most are picked up by collectors untill now.
(5 euro = 7 USD) >>

IMO, that's the stupidest thing they can do. Great Britain's 5 pound notes aren't a delight either, but if you mint a coin worth $7 , you can imagine how it's going to be treated: as annoying change with prices rounding up higher and higher. I think that the EU has serious fiscal problems to deal with than mess with their coins and bills.

Andres · February 25, 2011 9:08AM

we used to have 5 guilder and 5 deutsche mark coins instead of notes, and that was long before the euro came in 2002, so a 5 euro coin would be
a familiar denomination circulation coin.
the 10 - 20 and 50 euro notes are very popular, the 100 euro note is certainly not, and almost nobody accepts the 200 and 500 euro notes.

Syracusian · February 25, 2011 8:08PM

So Andres, you suggest that we abolish the 5 euro note and turn it to yet another ugly coin?

The 100 euro note will be the biggest that you'll find in my wallet, although 50s and 20s are my favourites. Many high value transactions are rapidly executed with a bunch of 500s or a bit more of 200s. You don't accept such notes from anybody.

Andres · February 25, 2011 10:42PM

Dimitri, although I'm more a paper currency collector then a coin collector,
I wouldn't mind to let go of the 5 euro note, there are many nice 5 euro coins already issued in Europe,
so it shouldn't be a problem, just a matter of making more coins, and stop printing those ugly little paper notes.

pricelevels in Europe are so much higher ,compared to the US, that a 5 euro coin would be in place. thanks to all the taxes on most stuff,
prices are about 2 - 3 times higher ? gallon of gas US = $ 3.50 - Europe = $ 9

Syracusian · February 26, 2011 1:17AM

<< Dimitri, although I'm more a paper currency collector then a coin collector,
I wouldn't mind to let go of the 5 euro note, there are many nice 5 euro coins already issued in Europe,
so it shouldn't be a problem, >>

Yes we can tell you're a currency collector.

There won't be any pretty silver 5 euro coins that are worth more in bullion value alone, it will be ugly low relief cuni coins and the prices might round up even higher if the smallest note is 10 euros. That's 3400 drachmas. Before we joined the euro, you'd get 3 notes of one thousand and 4 notes of 100, or one of 500 and you'd give back 100 change. Smallest was the 50 drs that was abolished lately (17 cents), biggest was the 5000 (17 euros) and the 10000 drs (34 euros) from the 1990s.

Andres · February 26, 2011 11:11AM

you made your point Dimitri.

you would like to see a 1 euro note, and I'll guess you also want to see a 2 euro note ,
and ofcause keep the 5 euro note.

since euro notes get smaller in lower denominations,
1 & 2 euro notes would have the size of a large postage stamp

Syracusian · February 26, 2011 7:14PM

You made your point too.

I had forgotten about this annoying habit that all European Central banks have, euro or non euro, to print smaller denominations in smaller banknotes, as if the quantity of the paper is of any value and colour distinction is not enough.

I think we've hijacked this thread enough. Time to return it to cladking.

spoon · February 26, 2011 7:51PM

I remember when an American friend visiting me in Germany first found out €1 was a coin... he asked what you're supposed to give to strippers (some places have you buy club notes, or so I hear)

I'm kinda in between on the dollar / euro, note / coin debate - I like both and kinda wish $1 coins were used more here, but Dimitri definitely has a point about price rounding. And if the €5 were to be made a circulating coin, it would probably be an annoyingly large thing like the old DM5.. remember who runs ECB policy. So, small note or large coin?

Soon enough this will all be irrelevant as we just start paying with our cell phones or something like that...

So did India really melt the billions?

Andres · February 27, 2011 8:55AM

already millions of nickel 5 euro coins are released for circulation,
and about the same numbers are released in silver for collectors.

probably a couple of hundred different designs are issued by the 27 countries who
are member of the European Currency Union and use the Euro.

but the circulation 5 euro coins are also kept by collectors, thats why you dont see them in
circulation (untill now)

the 5 euro coins are indeed as big as the obselete 5 German Mark coins = 29mm
the obselete 5 Guilder coin has about the same size as a half euro (50 cents) coin = 24mm
the 5 mark and the 5 Guilder coins ( worth 3 USD ) replaced the 5 mark/Guilder notes in the 1980's .

12 different silver 5 euro coins issued by Spain in 2010

Syracusian · February 27, 2011 9:41AM

Nice set of proof silver 5 euros. Are you sure that the regular 5 euro coins are legal tender? These are worth much more, and there's anarchy in commemorative euros, imagine, the above set is from one country and one year alone. You should see the silver 10s, often included in the official KMS national blisters at a strong premium.They milk the new collectors to the max, from special 2 euro editions to gold, proof sets etc. The BU set in Greece is sold at 20 euros by the National Bank, even though its cost is 3.88.

Andres · February 27, 2011 9:41PM

Yes, I'm sure all 5 euro coins in silver or nickel are legal tender , although many are restricted to the country
they were issued.
but you need a catalog to find out if a 5 euro coin is accepted only in the country of orign, or accepted in the entire Union.
but since you never see them in circulation, you probably having a hard time to spend them anyway.
if the 5 euro note will be replaced for a coin, they will issue yet another one with a big 5 on the reverse like the 1 & 2 euro coins.
every time a new design 5 euro coin is issued, you can buy the nickel ones at face with banks and the postoffice.
I think that euro coins in general are not the most beaurifull coins in the world.
and I'm not interested in collecting them, especially the outrageous expensive ones from Vatican city, Monaco
San Marino or other mini states.

Bjorn · February 28, 2011 7:56AM

Hmm... I always liked those German 5 mark banknotes from the 1980s and before. Then again, I preferred the pre-1975 eagle on the German 5 Mark coins as well.

Andres · February 28, 2011 7:24PM

I like this 5 mark 1904 dragon note :

Bjorn · March 1, 2011 12:41AM

Another nice design - I had a stack of these at one time that I sold in bulk to a dealer when I needed to clear out some space. None of them were in particularly good shape, or I would have kept one back.

nicholasz219 · March 2, 2011 4:21AM

What happened to Askari?

ccrdragon · March 2, 2011 4:58AM

love that 5M note!!!

Askari went to collecting notes several years back and hasn't been seen much since then.

Askari · April 23, 2011 8:35AM

Actually, what happened to Askari was "real life"

The demands of increased work and home responsibilities and kids getting involved in sports and other activities gnawed my free time down to nothing -- and often less. In fact, I've done little coin or banknote collecting in the intervening year. I have certainly missed these forums -- especially the Darkside -- and occasionally I've sneaked a peak, longing to return, but knowing I really don't have the time. However, my email address remains the same anytime someone wants to drop a note: kaiserma@sbcglobal.net

theboz11 · April 23, 2011 8:40AM

It is so good to hear you are ok. When ol friends don't check in once in a while, Ol minds can make up all sorts of excuses, Don't do that again!!!

Askari · April 23, 2011 9:09AM

Thanks!

I've kept up with some people off and on as they email me, but not like I've wanted to -- or should have.

India to melt billions of coins.

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