The Central Bank of South Korea plans to remove coins from circulation by 2020, in efforts to become a cashless society. According to local reports, The Central Bank of South Korea announced on 1 December 2016 that it plans to abandon coins by 2020 to encourage the use of cashless payments. It is encouraging citizens to…
Venezuelans have just three days to exchange their high value 100 bolivar banknotes, following an announcement by President Nicolas Maduro. The central bank of Venezuela is about to release their new banknote series which will consist of increased value denominations – the 500, 1000, 2000, 5000, 10000, and 20000 bolivar banknotes and three new coins of 10,…
The Central Bank of Barbados has issued a $50 commemorative banknote, celebrating 50 years of independence. The commemorative banknote, printed by UK banknote printer De La Rue, is based on the circulating version, but includes the official 50th anniversary logo displayed at the top right on the front of the banknote. Also in coin The…
The State Bank of Pakistan has introduced a new 10-rupee coin that will circulate alongside the current 10-rupee banknote first issued in 2006. Though there are no reports of the banknote being withdrawn, it is thought the move to coin will help to minimise the costs of replacing the highly used 10-rupee banknote given the…
Sweden has launched the remaining banknotes and coins of its latest currency series today, with the new 100 and 500 krona banknotes and 1, 2 and 5 coins. The new banknotes and coins complete the latest currency series issued from Sveriges Riksbank, the central bank of Sweden, following the initial release of the 20, 50,…
The Royal Mint has issued a statement saying that coins are here to stay, in response to a report by the Co-op which has predicted the “death of cash and bankcards”. Though the Co-op identifies that nearly two thirds of all transactions made within its retail stores are paid for using cash, it has seen the use…
The new 12 sided £1 coin has officially gone into production a year before it is due to be issued into circulation, with the UK’s Royal Mint producing the coins at a rate of 4,000 coins per minute and the aim of producing 1.4 billion of the new coins. The UK’s Chancellor of the Exchequer, George Osborne,…
How vending machines work is a mystery to many people. Just how does it know which coins you are using, or which coins should be rejected? Vending machines, found in offices, hospitals, shopping malls, road service stations, airports, railway stations… just about anywhere, are a sought after convenience when it comes to snacking. But when they…
According to the China Radio International’s (CRI) English service, the People’s Bank of China is to begin gradually replacing the one yuan banknote for a coin. In January, the Jinan branch of the People’s Bank of China announced that it will issue the one yuan coins instead of banknotes to commercial banks in five pilot…
Bulgaria’s Central Bank, the Bulgarian National Bank (BNB), has announced that it will issue a new 2 leva circulating coin on the 7th December 2015. The bi-metal coin, which will be issued alongside the current 2 leva banknote, was designed by Vanya Dimitrova and will consist of a yellow coloured central core with a silver…