Five cent shrapnel scrapped

The five cent coin may be withdrawn from circulation in Australia in the near future. The Australian Mint may confirm the plan today.

Since its introduction as part of the switch to decimal currency in 1966 the five cents, like the dollar, now packs less than a tenth of its purchasing power at the time. The coin rates as nuisance item for many merchants and consumers.

The Mint still manufactures about 80 million five cent coins a year, according to Wikipedia. At one stage during the 2007 commodities boom the metal value of the coin exceeded its face value.

Source: Sydney Morning Herald