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Should we get rid of the five cent piece?

Is it time to say goodbye to the five cent piece?

Tom Elliott asked the question of Ross McDermott, the CEO Royal Australian Mint, if the five cent piece is going the way of the one and two cent pieces.

“When joined the mint in 2010 we were doing about 75 million five cent pieces, this year we’ll do just 15 million,” Ross said.

“I don’t think there’s any plans for the government to round up the five cent piece.

“It’s happening naturally.”

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“I think its only a matter of a few years before we don’t require the five and ten cent pieces,” he said.

“But because charities still rely heavily on them, there was a survey done a few years ago, most people wanted the five cent piece to stay, not because of its utility, but because its useful for putting in charity jars.”