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| The coin worth less than any other in the world | |
| (about 2 hours later) | |
| By Laura Gray BBC News | By Laura Gray BBC News |
| This month the Canadian mint stopped distributing the penny, or one-cent piece, as it costs more to make than it is worth. It's far from being the lowest-value coin around, however. Some central banks are clinging on to coins that are truly "small change". | This month the Canadian mint stopped distributing the penny, or one-cent piece, as it costs more to make than it is worth. It's far from being the lowest-value coin around, however. Some central banks are clinging on to coins that are truly "small change". |
| There are many precedents for scrapping small coins. The US abolished the half-cent in 1857 and the UK's halfpenny was withdrawn in 1984. New Zealand and Australia abandoned the one-cent and two-cent coin in the 1990s. | |
| Now some campaigners in the US and UK want the penny to be scrapped, because nothing can be bought with a one-cent or one-penny coin. | Now some campaigners in the US and UK want the penny to be scrapped, because nothing can be bought with a one-cent or one-penny coin. |
| "The point of currency is to facilitate cash transactions. It used to be that a penny could serve that purpose because it was worth something but that's no longer the case" says Jeff Gore, president of Citizens to Retire the US Penny. | "The point of currency is to facilitate cash transactions. It used to be that a penny could serve that purpose because it was worth something but that's no longer the case" says Jeff Gore, president of Citizens to Retire the US Penny. |
| Handling them wastes time at tills, he argues - between two and two-and-a-half seconds per cash transaction, according to one study. | Handling them wastes time at tills, he argues - between two and two-and-a-half seconds per cash transaction, according to one study. |
| Imagine, then, the possible delays if someone in Tanzania insisted in paying for shopping with a pocket-full - or more likely a bag-full - of five-cent coins. One UK penny is equal to 494 of these, while a US cent is equal to 325. | |
| But there are coins, still legal tender, that have even lower value. | But there are coins, still legal tender, that have even lower value. |
| Take the Burmese Pya - the UK penny is worth 1,300 of them (the US cent is worth 850). | |
| The lowest-value coin of all is the Tiyin from Uzbekistan. Some 3,038 equate to one UK penny (and 2,000 tot up to one US cent). | |
| In practice, however, while these coins are legal tender, you would struggle to find them in everyday life. | In practice, however, while these coins are legal tender, you would struggle to find them in everyday life. |
| "In Tanzania it's unlikely to find the five-cent coin in circulation because it literally cannot buy anything. The smallest you would probably find in the streets is 20 cents and you can buy a bunch of spinach in the local market for this," says Emanuel Boaz from the Tanzanian Central Bank. | "In Tanzania it's unlikely to find the five-cent coin in circulation because it literally cannot buy anything. The smallest you would probably find in the streets is 20 cents and you can buy a bunch of spinach in the local market for this," says Emanuel Boaz from the Tanzanian Central Bank. |
| Most five-cent coins in Tanzania languish in the vaults of the central bank or have been lost forever in the nooks and crannies of people's homes. | Most five-cent coins in Tanzania languish in the vaults of the central bank or have been lost forever in the nooks and crannies of people's homes. |
| In Uzbekistan, the Uzbek Tiyin is also a rare sight. These days, you are more likely to get a box of matches or a sweet, as change. | In Uzbekistan, the Uzbek Tiyin is also a rare sight. These days, you are more likely to get a box of matches or a sweet, as change. |
| Inflation has consigned even the largest-denomination Tiyin coins to history, though they remain legal tender. | Inflation has consigned even the largest-denomination Tiyin coins to history, though they remain legal tender. |
| While some countries are happy to get rid of their smallest coins, others are less ready to part with them. | While some countries are happy to get rid of their smallest coins, others are less ready to part with them. |
| "A lot of people find that they are used to coins - they want that part of their heritage to remain," says Philip Mussell, director of Coin News Magazine. | "A lot of people find that they are used to coins - they want that part of their heritage to remain," says Philip Mussell, director of Coin News Magazine. |
| There is also the fear that scrapping small coins would lead to price inflation and that charities would lose vital funding. | There is also the fear that scrapping small coins would lead to price inflation and that charities would lose vital funding. |
| The World Wildlife Fund in the US for example, has received over $490,000 in coin donations made through Coin Star since 2003, proving just how much money can be made by collecting small change. | The World Wildlife Fund in the US for example, has received over $490,000 in coin donations made through Coin Star since 2003, proving just how much money can be made by collecting small change. |
| Officially recalling coins can also be a laborious and lengthy process which some countries are reluctant to undertake, preferring to wait for coins to naturally fall out of circulation. | Officially recalling coins can also be a laborious and lengthy process which some countries are reluctant to undertake, preferring to wait for coins to naturally fall out of circulation. |
| Emmanuel Boaz from the Tanzanian Central Bank says they have been thinking about withdrawing their five-cent coin. | Emmanuel Boaz from the Tanzanian Central Bank says they have been thinking about withdrawing their five-cent coin. |
| "The metal that was used was bronze and bronze will probably fetch something in today's market," he says. "We could probably think of selling it." | "The metal that was used was bronze and bronze will probably fetch something in today's market," he says. "We could probably think of selling it." |
| Tiyin pictures courtesy of Yuriy Dema and Horizonfr.com | Tiyin pictures courtesy of Yuriy Dema and Horizonfr.com |
| You can follow the Magazine on Twitter and on Facebook | You can follow the Magazine on Twitter and on Facebook |