Saturday , 3 December 2016
Home » Business News » Royal Australian Mint said Australians lose $100 million worth of coins down

Royal Australian Mint said Australians lose $100 million worth of coins down

Royal Australian Mint said Australians lose $100 million worth of coins down

Royal Australian Mint said Australians lose $100 million worth of coins down
Royal Australian Mint said Australians lose $100 million worth of coins down

SYDNEY: Australians lose more than $100 million worth of coins down the back of sofas and car seats each year, the Royal Australian Mint said.

Mint chief executive Ross MacDiarmid told a government hearing that 255 million coins disappear annually and are replaced.

“Most of the coins that we provide are against coins that disappear down the back of chairs, down the back of car seats, into rubbish dumps and, in some cases, are taken overseas,” he told a Senate committee Tuesday night.

“We are talking about Aus$110 million ($102 million) worth of coins.”

MacDiarmid said some of the coins the Mint replaced each year were those “sitting in people’s drawers for long periods of time or in jars”.

The coin manufacturer was not able to reveal how much it costs to produce the 255 million pieces each year.

There are about five billion coins — made from copper and nickel and stamped with images of the native echidna or spiny anteater — in circulation in Australia.

Leave a Reply

Your email address will not be published. Required fields are marked *