Has any country out there ever eliminated their nickel, or 5-cent piece yet?

I'm not totally sure about this. I advocate getting rid of both, the 1-cent and 5-cent coins and replacing the quarter with a 20-cent coin, in order to get halves circulated, and new U.S. $2 coins made and circulated. And in order for that to happen, the cent and nickel must go, for spaces in cash drawers for halves and $2 coins.

So, I know there have been countries with both 1-cent and 2-cent coins that they have eliminated, but, has any country out there ever gone so far as to eliminate their 5-cent coin and rounded off to the nearest 10 cents?

 

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New Zealand got rid of its 5 Cent coin in 2006 along with the 1 & 2 cents.
Australia got rid of the 1 & 2 and is considering dumping the 5.

 

Don't count on any legislation that makes sense to happen fast. We've been losing money on the one and five cent denominations for a while now, and could save even more money by replacing the dollar bill with the dollar coin.

 

I still contend that the most viable solution would be to keep the 5c, 25c, $1 coins and $5, $20, $100 notes. Just change the 5c from nickel to aluminum.

 

NorthKorea:

The U.S. nickel is not made out of just nickel. It is mostly copper, believe it or not, and I don't know why it is silver in color, as its 75% copper and 25% nickel.

Also, I prefer MORE denominations, not less as I have said. However, I would support your system only if we also had a $500 bill added to the mix, as you agreed with me on.

 

For coins I'd go with 5c, 10c, 25c & $1.
And aluminum wouldn't work for the 5c coin since vending machines couldn't deal with them. All the coins have to have the same electrical "signature".

For currency I'd go with $2, $5, $10, $20 & $100.
And a $500 is not unreasonable.

 

You can't eliminate the 5c coin if you have a 25c coin, unless you eliminate the 10c coin as well. I think we're still some years away from seeing that in the US.

However, if you have a 20c instead of the 25c, like Australia/New Zealand, you can get away with it. In fact, I would be less than surprised to see Europe dump everything 5c and below sooner instead of later; the 1c and 2c barely circulate now as it is.

 

You know what I find a bit unfair? Why don't we, here in the U.S. have a circulating 2-cent coin? I know the denomination would not circulate much, but, spending 2c coins around town would be as much fun as spending $2 bills.

I know that the U.S. also had 3-cent coins which I know really would not circulate, and I also read that there were orginally plans for the Treasury to print $3 bills that somehow got dropped. Damn, I would have loved to have been able to spend $3 bills, along side $2 bills.

 

Our government is only equipped to pass legislation requiring additional coins that nobody wants, not eliminating those we use daily. I think we need at least four more dollar coin series going and maybe throw in a 18.76 cent coin for good measure.
Guy

 

Depends on the country. In Finland and the Netherlands these two denominations are not actually used (even though they are legal tender) as cash totals are usually rounded. So the lowest denomination you need in these countries is 5 cent. However, in Germany for example the 1 and 2 cent coins are used a lot. (Sigh. )

As for eliminating low denominations, that also depends on the value of the coins of course. In Sweden for example the lowest denomination is the 1 krona coin which is about 16 cents (in USD) or 11 cent (in EUR). The öre coins (100 öre = 1 krona) are no longer used.

Christian

 

How about this 99c coin I designed last year:

 

They did make a $3 bill

It would be nice if someone would post a $3 bill that the USA did manufacture. Yes, they have been made but I've never handled one. It is printed $1 on one side & $2 on the other side. I understand that it is quite the error note.

 

Kind of like those $30 bills that they printed witha $20 front and a $10 back, or vise-versa.
:devil:

 

Why wouldn't it work? It's no different than vending machines not accepting pennies. We'll just see prices become multiples of 25c.