1-cent coin headed for history

The Singapore authorities have stopped producing one-cent coins since 11 years back, but the coins are still recognised as legal tender and remain in circulation.

SINGAPORE - Are you still holding on to a one-cent coin?

You're holding on to a little bit of history. Did you know that the authorities here stopped minting the one cent coins 11 years ago?

Small denomination coins are disappearing around the world.

Just this year, Canada stopped issuing its one-cent piece. Australia, Denmark and India have also stopped producing their smallest denominations.

Here in Singapore, the one-cent coin is still legal tender. It cost more to produce them than what they were worth at face value.

It is thought that about 70 million of them are still in circulation.

But one shopkeeper we spoke to said that these days he only sees them dropped into charity boxes.

A survey in the early 90s by the currency board showed:

6 in 10 people used one-cent coins only once or twice a year.

2 in 10 used one-cent coins once a month.

$15 for $20 In 2008, a retiree was reported to have been charged a deposit fee of $15 at a bank when he deposited $20 worth of one-cent coins.

In 2001: 50 million 1-cent coins issued, 3 million returned

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