Arcacia Discontinues 1c, 2c coins, $500 & $1000 notes

PROVIDENCE - Arcacia has discontinued minting of the much maligned 1c and 2c coins, as well as the rarely used $500 and $1000 notes. The move came after citizens complained about the inherent uselessness of the small denomination copper coins, and shopkeepers and other businesses complained about the difficulty in making change from the larger denomination banknotes.

The $500 and $1000 notes were, by and large, completely useless. Many businesses refused to accept them, unable to make change, meaning that citizens could only exchange them at a bank, the same place they were issued, as they were not issued from ATMs.

The 1c and 2c copper coins and the $500 and $1000 banknotes will expire as legal tender at Midnight on the 31st of December this year, but can still be exchanged at banks for larger denominations until the close of business on the 30th of June 2011, the last day of the current financial year.

In place of the $500 and $1000 banknotes, which could be exchanged for a half ounce or one ounce gold ingot respectively, the government will begin minting Gold Sovereigns for the first time since 1876. Each sovereign will contain just under half an ounce of gold, along with a nominal amount of silver. They can be bought or sold at banks and gold merchants, as well as the National Mint for $500. Half ounce ingots can also be purchased for $500, or 1 Sovereign, with one ounce ingots also available for $1000, or 2 Sovereigns.

The proposal to also replace the $1 and $2 banknotes with coins was rejected for two reasons. Firstly, only banknotes, not coins, can be exchanged at foreign banks and currency exchanges for local money. Secondly, advice from Australian citizens who frequently complain about the bulk of the coins in one's wallet or purse.

Here is a rundown on the new face of the Arcacian Dollar:

Copper Coins
1c "Penny" defunct
2c "Tuppence" defunct
5c "Copper"

Silver Coins
10c "Shilling"
20c "Florin"
50c "Crown"

Banknotes
$1 "Single" - Light Grey
$2 "Couple" - Light Green
$5 "Fiver" - Light Blue
$10 "Tenner" - Purple
$20 "Twin" - Blue
$50 "Fin" - Red
$100 "Tonne" - Green
$500 "Funny" - Dark Grey defunct
$1000 "Goldie" - Yellow defunct

Gold Coins
$500 "Sovereign"