The Central Bank of Iceland has revealed that it is considering replacing the 500 kroner banknote with a coin and discontinuing the 1, 5 and 10 kroner coins, the three lowest value coins in its series. The Bank’s annual report published last week explained that due to the fact that inflation has remained at a…
The Royal Mint has produced a prototype for a replacement £1 coin with the aim of reducing counterfeit coins in circulation. The coin will include the Royal Mint’s new security feature, iSIS (Integrated Secure Identification Systems), which “involves the application of an existing security technology that has been proven over decades in banknotes”. The Mint…
On Monday 3 February, the Hiroshima based coin-manufacturing department of Japan’s Finance Ministry resumed the production of aluminium ¥1 coins for the first time in four years. This is thought to be in preparation for the consumption tax increase which will occur on April 1, 2014. A shortage of ¥1 coins is expected amongst retailers…
The Central Bank of Sri Lanka has recently said that around 22 tonnes of their rupee coins are currently in India, having been left in religious places such as temples, churches and kovils. Sri Lankans on religious pilgrimage leave the coins as offerings, as well as items such as food, flowers or incense. However, the…
It has been advised that the Reserve Bank of India (RBI) plans to gradually replace all Rs10 banknotes with coins. The Rs10 coin was released into circulation in March 2009, alongside the RS10 banknote. It is reported that the current lifespan of an Rs10 banknote is only 9-10 months, which can be a challenge for…