Guest wowpow Posted August 7, 2007 Posted August 7, 2007 New coins set to reduce minting cost The Cabinet yesterday agreed that adjustments be made to all nine coins in circulation, expecting to cut minting costs by Bt1.9 billion a year. Bangkok Post, Published on August 8, 2007 Chodechai Suwanaporn, a deputy government spokesman, said the resolution would affect all new coins. "The changes are to reduce minting costs, which is higher than the nominal value. The changes will cut costs by Bt1.9 billion per year," he said. "To continue producing the current coins, the Treasury Department will have to bear Bt1.1 billion in losses. As of April this year, the price of metal rose sharply against the levels during the same period last year - nickel by 280 per cent, copper by 121 per cent and aluminium by 107 per cent," Chodechai explained. He said the current cost of minting was 40 per cent more than the coins' face values. New coins will also bear an updated image of His Majesty the King, replacing the one that has been used since 1987. New coins will be smaller, lighter and coated with cheaper metal, like copper for 25- and 50-satang coins and nickel for Bt1. The Bt2 coins will be made of a copper-coloured bronze-aluminium composite, while the Bt5 coins will be coated with a silvery metal such as nickel. The Treasury Department will work with the Office of His Majesty's Principal Private Secretary to apply for a royal approval on the new coins' patterns and wording before officially announcing regulations on usage. A source at the Cabinet meeting said the Finance minister had also said that the Bt1 as well as 25- and 50-satang coins would be gradually phased out, and the Bt2 coins used instead. The change will be slow to prevent public panic. Piyanart Srivalo - The Nation Quote
