The Reserve Bank of Fiji (RFB) on Thursday unveiled lighter and smaller 5c, 10c, 20c, 50c and $1 coins. The series of coins will enter circulation beginning January 13 to coincide with Fiji’s 40th anniversary of decimal currency.
The coins bear the same designs as the old to help ease in the transition, but varied edges have been introduced for the 5, 20, and 50 cent coins. They have plain, interrupted serrations, and rough edges, respectively, to better identify each coin series.
RFB announced the coinage changes in September and phased out its 1c and 2c coins in mid-October as part of a cost savings plan. Read the rest of this entry »
The Reserve Bank of Fiji’s new awareness campaign promoting the modernization of coins and the elimination of the one and two cent coins began in September and was further clarified Friday by Governor Savenaca Narube.
The issuance of Fiji’s two smallest coins ceased as of Monday, October 13, and were eliminated because of lack of use, according to the Governor.
"The major reason why the circulation of one and two cents will cease is not so much because of the cost of minting them but more so because these coins hardly circulate any longer.
Due to the rise in incomes and prices, these coins have lost their value and therefore when issued into circulation they do not change hands or circulate like other denominations. Instead, as we all do, we accumulate them in jars, bottles and containers at our homes and offices.
This signals clearly to us that their value is virtually insignificant and people do not need them any longer. The cost of minting them therefore becomes an unnecessary burden."
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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 Sada Reddy said the nation’s smallest denominated coins, the 1 cent and 2 cent, would be withdrawn from circulation when stocks run out.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.
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