Future of five cent coin up in the air as Treasurer Chalmers leaves door open to scrapping smallest change

[Pelican Press 0]

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Future of five cent coin up in the air as Treasurer Chalmers leaves door open to scrapping smallest change

The five-cent piece could be an endangered species after Jim Chalmers left the door open to scrapping Australia’s smallest small change.

As he flagged a move to ensure cash is still accepted at all shops selling essential items like groceries and petrol, the Treasurer said the Government’s thinking about what were the appropriate denominations for *********** money “evolves over time”.

“We keep it under constant review,” he said when asked about the fate of the copper-nickel coin.

The Mint produced 10 million five-cent coins with the new King Charles III effigy on them in the first half of the year.

No five-cent coins were produced at all in 2023.

Its records show it sold 29,919 non-premium rolls of 40 five-cent pieces and another 12,552 rolls of a premium version in the last financial.

It only sold 935 five-cent coins for circulation by external parties in 2023-23, the lowest amount of all denominations except the 10-cent piece.

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