Despite the production cost of Taiwan’s NT$1 (US$0.03) coin exceeding its face value, the central bank on Monday said that it has no plan to halt circulation due to continued public demand.
The statement came amid a global trend to phase out low-denomination coins, with the US Department of the Treasury announcing last month it would stop minting the 1-cent coin (penny) early next year.
The central bank wrote on Facebook that international inflation and rising material costs have led many countries to reconsider small-denomination coins.
Photo: CNA
For example, the cost of minting a US penny has nearly tripled over the past decade to US$0.0369, and discontinuing it could save the US government tens of millions of dollars annually.
Taiwan faces a similar situation, the central bank said, adding that as of February, more than 8 billion NT$1 coins were in circulation.
However, 2023 data showed that each coin already cost NT$1.54 to produce, well above its face value.
Despite this, the central bank said that it would continue issuing the coin, citing ongoing public use and encouraging the public to ensure the recirculation of unused coins.
The bank launched a coin recirculation program in 2014 to allow people to deposit coins at convenience stores, supermarket chains and through electronic wallets such as EasyCard, while major metro systems and some ATMs also support coin deposits.
Coin recovery volumes have been rising, and net issuance is declining annually, suggesting the initiative has been effective, the central bank said.
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