ABUJA— THE Central Bank of Nigeria (CBN) is expected to by the end of this year introduce N20 which would come in plastic form (polymer substrate).Also to be introduced are the N1, N2 and 50 kobo coins. The Governor of the Central Bank of Nigeria, Prof. Charles Soludo who announced this yesterday at the weekly Federal Executive Council (FEC) meeting revealed that contract for the minting has already been awarded. Soludo was at the meeting to give an update on CBN and its reforms. Man that will be a weird coin- the end of minting as we know it ? http://www.coinlink.com/2006/news.html You will have to find the link on this page its about 5/8 ths of the way down on the page.
I'm not too sure if that is the first plastic coin ever to be minted. I heard the Cubans had them out first although I don't have the actual facts.
It is certainly not the 1st plastic currency LOL plastic Banknotes have been around for quite a time now, will have to check on plastic coins though :thumb: Thanks for sharing this with us De Orc :kewl:
That is going to be great, great news for counterfeiters. Just think of how easy it would be to make your own money. Some do it now with metal but PLASTIC? Don't know about any real US coins but I have a bunch of Missouri Mills from back in the 40's or thereabouts. Some were green and some were red. Also, some of the .005 were of metal. Most of the .001 coins were of plastic. They were actually tax tokens. Hard to believe but at one time in our history taxes were so small that a tenth of a cent was required. Sure wish I had horded more of them but back then a .001 or .005 was worth something. Of course a candy bar was only .05 at most.
I think the denominations being made in plastic will be too low to be worth counterfeiting, so doubt that will be much of a problem.
Those tokens, and the tokens/certificates used in other states at that time, were used to make sales tax charges more accurate. If you made a purchase of $1.27 subject to a 2% sales tax, the tax calculated to 2.54 cents and you paid 2.5 cents. Without tax tokens, you would have been charged 3 cents. With some sales tax rates now over 8%, I say don't abolish the cent - bring back the mil!
I agree 101.7 %. However, our stores, buisnesses, government, will always just round up the charges as we all must know by now.
