Stories, thoughts, observations, rants and dribble. Just another of my attempts to keep the interested people informed ...

Friday, June 09, 2006

Goodbye to the heaviest wallets in the world

New Zealand is changing its small change to even smaller change this year.
Far from being a silly idea, it will reduce strain on money handlers, the taxpayer and the general public's pocket capacity.  The materials used will be lighter and they are also reintroducing the 10c coin as a copper coloured coin, which we haven't seen since they phased out the 1 and 2 cent coins.  5 cent coins are being removed altogether, as they are essentially worthless in New Zealand's current EFTPOS-reliant retail economy.
Something I have known for a long time, New Zealand's coinage is some of the largest and heaviest in the world.  To quote the above website, "The 50 cent coin, at 31.75mm in diameter and weighing 13.61gm, is one of the largest circulating coins in the world. It is, for example, 75% heavier than the Euro 50 cent coin."
Besides the comparable Australian 50 cent coin, the only coin I have ever seen larger and heavier is the rare and mysterious British 5 pound coin.  Of course with it being worth approximately 30 times more than NZD0.50 , I think this is fair.
The only unfortunate thing, asides from vending machine retailers having to recalibrate or replace their machinery, is that the poor kid that I met in Cambodia that was trying to swap NZD1.50 for some useful money will now never be able to do so. 
She may have to carry that damn heavy 50 cent coin around forever.

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