Tuesday, 28 November 2006

Coins or Paper?

There have been a few posts recently about the new US dollar coins that will be coming out. They probably won't replace paper for a while as the paper notes will remain in circulation. As we've had polymer notes and $1 and $2 coins for many years in Oz, I was wondering if the "paper for dollars" hang-up is specific to the US. So I had a quick search around to find out what paper/coin currency mix other developed countries are using:

Country Coins Both Notes
Australia% 5c,10c,20c,50c,$1,$2 $5^ $10,$20,$50,$100
United Kingdon 1p,2p,5p,10p,20p,50p,£1,£2 - £5,£10,£20,£50*
United States 1c,5c,10c,25c,50c $1^ $1,$2,$5,$10,$20,$50,$100
Eurozone 1c,2c,5c,10c,20c,50c,€1,€2 - €5,€10,€20,€50,€100,€200,€500
Japan ¥1,¥5,¥10,¥50,¥100,¥500 ¥1000,¥2000,¥5000,¥10000

amounts marked with an * are not in common use
amounts marked with a^ are mainly in use as notes
% - Australian also produces a range of silver and gold "legal tender" coins in deominataions such as $3, $10, $100, $200 - but these are issued in proof or uncirculated condition for coin collectors, not general circulation.

I believe that larger US notes (over $100) are similar - they exist (I think they were initially intended for bank transfers of funds) but are not in general circulation.

It certainly appears that the USA has the smallest denomination folding money still in use.

1 comment:

the Prince of Thrift said...

America has $1 coin currently, but it's not popular. Maybe 3rd time will be a charm.