Fiji Promotes New Coinage, to Lose One and Two-Cent Coins

The Reserve Bank of Fiji launched a national awareness campaign on Thursday promoting upcoming changes to Fiji’s coinage structure.

Deputy Governor Mr. Sada Reddy said the nation’s smallest denominated coins, the 1 cent and 2 cent, would be withdrawn from circulation when stocks run out. Reddy also indicated the Reserve Bank would officially pull them from circulation beginning on October 13, 2008.

In further coinage changes, Fiji will create five new coins that are smaller, lighter and composed of less expensive metals.

With the help of the Royal Canadian Mint and starting in January with new issues, the following coins will be affected:

• 5 cent
• 10 cent
• 20 cent
• 50 cent
• $1

According to a Reserve Bank statement, the changes will save Fiji millions of dollars.

The elimination of the 1 and 2-cent coins will result in rounding of cash transactions to the nearest 5 cents.