By Sveriges Riksbank ….
In October the Riksbank began issuing new 1, 2 and 5-krona coins to replace the older coins. The changeover is expected to lead to more efficient cash management and less environmental impact. Moreover, the new coins are nickel-free.
The new 1-, 2- and 5-krona coins that we began issuing on 3 October are smaller and lighter, which makes handling coins more efficient. The new 2-krona coin means that fewer coins will be needed in circulation.
“Today there are more coins in circulation than are really needed. This is because a lot of people save coins, which means that they remain lying around in piggy banks and other containers instead of being used to make payments. It also means that the retail trade needs to order more coins to avoid a shortage. The new coins are smaller and lighter and we hope that more people will use them instead of letting them pile up at home,” says Christina Wejshammar, Head of the Cash and Payment Systems Department at Sveriges Riksbank.
For instance, the new 1-krona coin weighs 3.6 grammes, around half as much as the older 1-krona coin. Thanks to the coins being smaller, lighter and fewer, the total weight of coins in society is expected to decline by 50%, which means lower energy costs and fewer transports when delivering the coins to banks and shops.
Nickel-free and easier for visually-impaired
For banks and the retail trade, the new coins mean lower handling costs and an improved working environment. The coins are also nickel-free, which is good for those who are allergic to nickel. It is one of Sweden’s national environmental targets to reduce the use of nickel. The new coins, like the old ones, have different milled edges so that the visually-impaired can recognise them more easily.
Get rid of your old coins in good time
After 30 June 2017 the older 1-, 2- and 5-krona coins will be invalid. The easiest solution is to use your coins to pay with, but if you have a large amount of coins, you can make use of myntkartan.se to find the nearest place where you can deposit your coins.
Swedish Coins Currently Available on eBay
It’s only an alternate-universe fantasy, but we in the US should consider an analogous revision. Except for the “golden” dollar, our current circulation coins have the same sizes and denominations they had in the 1860s! A possible modest proposal could be:
> Eliminate the cent, as so many other countries have already done.
> Keep the nickel and dime as-is despite the divergence between size and denomination (more next)
> Replace the quarter with a 20¢ coin. We no longer need backward compatibility with Spanish bits :) and more importantly a true decimal “workhorse” coin would set the stage for future elimination of the nickel if and when necessary.
> Restore the half dollar by issuing a new, smaller coin, perhaps in a different metal and/or using a multi sided planchet.
> Eliminate the wasteful dollar bill in favor of the billions of coins currently languishing in storage.
> Either print larger quantities of a modernized $2 bill or issue a small, convenient $2 coin to fill the gap between the $1 coin and $5 bill.