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Fun and games at the bank

Discussion in 'The Pub' started by hornet, Dec 31, 2009.

  1. As some of you may know, CommBank have installed coin sorting machines in the customer area, so you don't have to hand over a bag of coins and wait for the teller to tally it and tell you the value, etc.

    These machines are really nifty; you pour all the coins into a hopper with a little conveyor belt at the bottom, and the coins slowly disappear from view while their value is updated on a little lcd screen. When it's finished it spits out a receipt and you take it to the teller, who either gives you the cash, or puts the money in your bank account. AND, if your coin contains any foreign currency, the coin is spat out into a separate slot for you to collect and take home. I found out today how interesting that assessment is.

    In the process, the machine rejected what looked to me to be two perfectly valid Australian $1 coins; I put them back in and the machine appeared to accept them. When the whole process was finished, the machine spat out another coin. I thought it would be one of the dollar coins again, but it wasn't.

    It was an Australian 1966 original silver 50c coin; the ones they pulled out of circulation because the silver was worth more than 50c!!! Obviously the machine was not programmed to accept a coin that old!!!

    I wonder how many of these coins are still in circulation, though? I know someone who has 150 of them in box under the bed; I'm not sure if he's watching the silver futures market, or whether he's just a hoarder :LOL:.
  2. That's badass. I really don't know how someone could shit the bed so badly as to make the coin worth more than it's denomination! Always left me wondering if anyone made any money off it?
  3. was that one of the circular ones hornet?

    Mitch: there are some special coins - ie. some year 2000 coins with 'king' charles printed and his head on it. Also seen a legit $200 coin that must be made out of gold or something. they would both be worth a fair amount. If you can find an original print australian penny they are worth bit more than a penny these days, more than even a pretty one.
  4. Yes, the original decimal currency, issued on the 14th of February 1966, included a circular 50c coin, made of silver. At some stage later, I can't remember when, the price of silver shifted around and the silver value of the coin exceeded its face value, so the government withdrew it and replaced it with the current cupro-nickel 50c coin.
  5. The Fifty Cent Myth (from: http://www.australianstamp.com/Coin-Web/aust/decimal.htm )
    Much has been written about the glamour piece of the new coins - the 50 cent piece. It remains the only, and likely to be the last, circulating decimal coin to have been issued in Australia with a silver content (80 percent). All other pieces have been either bronze or copper-nickel (many non-circulating, precious metal issues have been subsequently released to collectors at a premium above their legal tender, face value).
    The Royal Australian Mint in Canberra struck over 36 million 50 cent pieces before rising silver prices halted production. A quarter of a million pieces, held at the mint when the directive to cease production was announced, never saw the light of day. They were duly melted down. Since that time a gradual recall and melting down of all pieces which make their way back to the mint has occured, at a hansome profit to the Government.

    However, many million remain in existence as hoarding them has become a national pastime. They remain a very collectible item in uncirculated condition, but are now regarded as no more than a bullion value coin in lesser grade. Each coin contains approximately one third ounce of silver. The value of the coin continues to generate confusion among the general public. Today, they are worth around $3 each. During the silver boom of the early 1980's, their intrinsic value reached highs of $11 to $15, much healthier than the prices of today. There were no mintings of the 50 cent coin in 1967 or 1968. When it next appeared in 1969, its shape was changed to dodecagonal (12 sided) to remove the confusion generated by the similarity in size of the round 50 cent piece and the only slightly smaller 20 cents.

    On a side note about the $1 coins that were intially rejected, I recall a conversation I had with someone who worked in the automatic foodstuff dispensing industry where they use a variety of methods to analyse coins being fed into a machine. Basic machines usually operate on coin size and so are easily deceived by coins from other countries (i.e. New Zealand) or even in some cases bogus immitations such as discs of metal of the same diameter. More sophisticated machines also assess the weight of a coin and he told me that the 1984 $1 coin (the first minting of the new coin) were a slightly different weight to latter issued $1 coins. In some machines the weight difference is sufficient for the machine to reject the coin so if you're feeding your loose change into that Coke machine and it keeps kicking out the $1 coin, chances are it's a 1984 coin so choose a newer one and you should be right.

    Today's trivia is brought to you by Pointless and Boring data services :)
  6. Thank you P&BDS :LOL:
  7. I've got a bunch of those round 50c coins...and some $5 and $50 coins. Also the original (brown) $10 polymer notes and $5 notes that were changed due to the polymer recipe being crap and ripping. Just ones I've acquired when I used to add to a coin/note collection that I added to after it was passed on to me.

    I wanna go play with that coin machine now :LOL:
  8. I wanna glue some 5c coins together and see if the machine thinks they are $2 coins........... :grin:
  9. I recall when the $5 commemorative coin was first released (it cost $5) and I bought a few. One day shortly after I decided to use one at a shop to purchase something, after all it is perfectly legal tender. Poor shop assistant was rather befuddled and had to confirm with someone else that they could accept the coin. That wasn't the real problem though, the big issue came when they had to decide which tray in the till the coin went :) See, this is what happens when the youth of the day have too much time on their hands!