The withdrawal of a country's lowest-denomination coins from circulation (usually a one-cent coin or equivalent) may either be through a decision to remove the coins from circulation, or simply through ceasing minting.
The withdrawal of a country's lowest-denomination coins from circulation (usually a one-cent coin or equivalent) may either be through a decision to remove the coins from circulation, or simply through ceasing minting.
This withdrawal may be due to the high cost of production, since the coin may be worth less than its cost of production. For example, when Canada phased out its penny in 2012, its production cost was 1.6 cents per penny. [1] Other reasons include low purchasing power and low utility. Often coins are withdrawn after their purchasing power has been eroded after decades of inflation. In Switzerland, the 1 Rappen coin had fallen into disuse by the early 1980s, but was still produced until 2006, albeit in ever decreasing quantities. Conversely, the British Treasury department initially argued for the retention of the decimal halfpenny, on the grounds that its withdrawal would drive up inflation. [2]
In some countries, such as New Zealand, [3] withdrawn coins are declared to be no longer legal tender; in other countries, such as Australia, they remain legal tender indefinitely. [4]
When the coin in question is no longer minted, cash transactions are rounded, typically through Swedish rounding. [5]
Efforts have been made to end the routine use of pennies, and equivalents thereof, in several more countries, including the United States. [6] Countries in the eurozone have had different responses to the issue; according to James Debono writing for Malta Today , "scrapping the coins is considered unthinkable for Germany where both consumers and retailers are obsessed with precise pricing." [7]
Countries that have withdrawn their lowest-denomination coins include:
| Country | Coin(s) | Year of last minting | Withdrawal date | Legal tender? | Notes |
|---|---|---|---|---|---|
 Albania | 5 qindarka 10 qindarka 20 qindarka 50 qindarka 1 Lek 2 Lekë | 1988 1988 1988 1988 2013 1989 | 1992 1992 1992 1992 N/A 1992 | No No No No Yes No | The 1 lek has not been officially withdrawn. |
 Algeria | 1, 2, 5, 10, 20 and 50 centimes 1⁄4 and 1⁄2 dinars | 1980s 2000 | 1980s 2000 | No | |
 Argentina | 1 centavo 5 centavos 10 centavos 25 centavos 50 centavos | 2000 2011 2011 2010 2010 | N/A | Yes | Not officially withdrawn. |
 Armenia | 10 luma 20 luma 50 luma 1 dram 3 drams 5 drams | 2002 | N/A | Yes | Not officially withdrawn. |
 Australia | 1 and 2 cents | 1991 | 1 February 1992 | Yes | Legal tender for amounts not exceeding 20 cents; [4] can be paid into bank accounts but sometimes refused. |
 Austria | 1 groschen 2 groschen 5 groschen 20 groschen | 1950 1991 1992 1954 | 31 December 2001 31 December 2001 31 December 2001 30 April 1959 | No | As of 1 January 2002, with the introduction of the euro, the Austrian Schilling lost its function as a legal currency, but all legal tender coins at the time of the discontinuation of the Schilling are still convertible to Euros indefinitely. |
 Bahamas | 1 cent | 2014 | 2020 | No | Production of the one-cent coin ended on 31 January 2020; one-cent coins remained as valid coins for use until 30 December 2020; were accepted for full redemption from the partner banks of the Central Bank of the Bahamas through 30 June 2021. |
 Bangladesh | 1, 5, 10, 25 and 50 poysha | 2001 | N/A | Yes | Legal tender for amounts not exceeding 50 poysha. |
 Belgium | 1 centime 2 centimes 5 centimes 10 centimes 20 centimes 25 centimes 10 francs | 1914 1919 1943 1946 1963 1975 1979 | 7 May 1953 7 May 1953 1 January 1957 1 January 1957 26 November 1969 4 July 1980 25 June 1985 | No | With the introduction of the euro on 1 January 2002, the 50-centime, 1-franc, 5-franc, 20-franc and 50-franc coins ceased to function as legal currencies. |
 Brazil | 1 centavo | 2005 | N/A | Yes | Not officially withdrawn. |
 Canada | 1 cent | 2012 | 4 February 2013 [8] | Yes | Cash transactions with sums ending in 1, 2, 6 or 7 cents are rounded down; those ending in 3, 4, 8 or 9 cents are rounded up. Non-cash transactions are still denominated to the cent. |
 Chile | 1 and 5 pesos | 2016 | 1 November 2017 [9] | No | 1 and 5 peso coins ceased being produced in 2016, and was no longer legal tender on 1 November 2017; amounts are rounded to the nearest 10 pesos. |
 China | 1 fen 2 and 5 fen 2 jiao | 2018 2000 1986 | N/A N/A 1 July 2000 | Yes Yes No | 1, 2 and 5 fen coins are not officially withdrawn. Amounts are rounded to the nearest 1 jiao (0.1 yuan or 10 fen). |
 Colombia | 1 centavo 5 centavos 10 centavos 20 centavos 50 centavos 1 peso 2 pesos 5 pesos 10 pesos 20 pesos | 1978 1979 1980 1979 1982 1981 1988 1993 1994 2008 | 1978 1979 1980 1979 1982 1981 1988 1993 1994 2008 | No | Amounts are rounded to the nearest 50 pesos. |
 Cook Islands | 1 and 2 cents 5 cents | 1983 1994 | 1993 30 April 2016 | No | Production of 1- and 2-cent coins ceased in 1983 and were demonetized in 1993; 5-cent coin demonetized on 30 April 2016, along with previous coin issues. |
 Costa Rica | 5 céntimos 10 céntimos 25 céntimos 50 céntimos 1 colón 2 colones 5 colones 20 colones | 1979 1982 1989 1990 1998 1984 2016 1996 | 1979 1982 1989 1990 1998 1984 2016 1996 | No | |
 Croatia | 1 and 2 lipa | 2012 | 31 December 2022 | No | As of 2009, 1 and 2 lipa coins struck only as annual coin sets. [10] With the introduction of the euro on 1 January 2023, the kuna ceased to be a legal tender currency. |
 Cuba | 1 centavo 2 centavos 5 centavos 10 centavos 40 centavos | 2020 2010 2020 1961 1998 | N/A N/A N/A 13 March 1962 July 2004 | Yes Yes Yes No No | |
 Czech Republic | 10 and 20 haléřů 50 haléřů | 2003 2008 | 31 October 2003 31 August 2008 | No | |
 Denmark | 1 and 2 øre 5 and 10 øre 25 øre | 1973 1989 2008 | 1 April 1973 1 July 1989 1 October 2008 | No [11] | Exchangeable at Danmarks Nationalbank for 3 years after withdrawal—now treated as scrap metal. |
 Dominican Republic | 1 and 5 centavos 10 and 25 centavos 1⁄2 peso | 1989 1991 1990 | 1989 1991 1990 | No | |
 Egypt | 5, 10 and 20 piastres | 2008 | 2008 | No | |
 Fiji | 1 and 2 cents | 2005 | 13 November 2008 | No | |
 Finland | 1 penni 5 penniä 20 penniä | 1979 1990 1990 | 1979 1990 1990 | No | As of 1 January 2002, with the introduction of the euro, it lost its function as a legal currency. |
 Georgia | 1 and 2 tetri | 1 January 2021 | 1 January 2021 | No | 1 and 2 tetri coins were discontinued as of 1 January 2021 and lost their status as legal tender. According to the new regulations on cash payments introduced by the National Bank of Georgia on 1 January 2019, 1 and 2 tetri are rounded to 0, and 3, 4, 6 and 7 tetri are rounded to 5. |
 Honduras | 1 centavo 2 centavos | 1998 1974 | 1998 1974 | No | |
 Hong Kong | 1 cent 5 cents | 1941 1980 | ? 1 January 1989 | No | Can be exchanged or paid into HSBC banks. |
 Hungary | 2 and 5 filler 10 and 20 filler 50 filler 1 and 2 forint | 1992 1996 1999 2008 | 30 September 1992 30 September 1996 30 September 1999 1 March 2008 | No | 2- and 5-filler coins were exchangeable at the Hungarian National Bank until 31 December 1993. 10- and 20-filler coins were exchangeable until 31 December 1997. 50-filler coins were exchangeable until 30 September 2000. 1- and 2-forint coins were exchangeable for five years from the date of withdrawal. [12] |
 Iceland | 5 aurar 10 and 50 aurar | 1985 1990 | 1 October 2003 1 October 2003 | No | |
 India | 1 paisa 2 paise 3 paise 5 paise 10 paise 20 paise 25 paise 50 paise | 1981 1979 1971 1994 1998 1997 2002 2016 | 30 June 2011 30 June 2011 30 June 2011 30 June 2011 30 June 2011 30 June 2011 30 June 2011 N/A | No No No No No No No Yes | On 30 June 2011, all coins in denominations of 25 paisa and below were officially demonetised. [13] |
 Indonesia | 1 rupiah 2 rupiah 5 rupiah 10 rupiah 25 rupiah | ? ? ? 1979 1996 | ? ? 15 November 1996 15 November 1996 31 August 2010 | Yes No No No No | |
 Ireland | Halfpenny (decimal) | 1986 | 1 January 1987 | No | Irish pound coins were withdrawn in 2002 upon the introduction of the euro. |
 Israel | 1 agora 5 agorot | 1990 2007 | 1 April 1991 1 January 2008 | No | Exchangeable at the Bank of Israel and commercial banks for 3 years from withdrawal. Amounts are rounded to the nearest 10 agorot. |
 Italy | 1 lira 2 lire 5 lire 10 lire 20 lire | 1959 1959 2001 2001 2001 | 28 February 2002 | No | Coins below 1 lira were withdrawn in 1947. 1- and 2-lire coins minted from 1968 for collectors' use only; 5-, 10-, and 20-lire coins fell out of use before the 1990's. All lira-denominated coins were withdrawn in 2002 with the introduction of the euro and exchangeable until 2011. |
 Jamaica | 1 cent 5 cents 10 cents 20 cents 25 cents 50 cents | 2012 1994 2012 1990 2012 1990 | 15 February 2018 1994 15 February 2018 1990 15 February 2018 1990 | No | |
 Japan | 1 rin 5 rin 1⁄2 sen 1 sen 2 sen 5 and 10 sen 20 sen 50 sen 1 yen | 1892 1919 1892 1945 1892 1946 1911 1948 2016 | 1953 1953 1953 1953 1953 1953 1953 1953 N/A | No No No No No No No No Yes | All rin and sen coins were eventually demonetized at the end of 1953 when the Japanese government passed a law abolishing subsidiary coinage in favor of the yen. 1-yen coin have not been officially withdrawn and are produced in limited quantities for annual coin sets. |
 Kazakhstan | 2, 5, 10, 20 and 50 tiyin | 2001 | 31 December 2012 | No | |
 Kenya | 5 cents 10 cents 25 cents 50 cents | 1991 1994 1973 2009 | 31 December 2011 31 December 2011 31 December 2011 N/A | No No No Yes | |
 Kyrgyzstan | 1 tyiyn | N/A | N/A | Yes | Not officially withdrawn; was minted in limited numbers as part of a new series of coins for general circulation for collectors. |
 Malaysia | 1 sen 1 ringgit | 2008 2005 | 1 April 2008 [14] 7 December 2005 [15] | Yes No | |
 Mexico | 5 centavos | 2002 | 2002 | Yes | Not officially withdrawn, minting of coin ceased. |
 Moldova | 1 ban | 2017 | N/A | Yes | Not officially withdrawn, only the production of the coins was stopped. |
 Mongolia | 1, 2, 5, 10, 15, 20 and 50 möngö | 1981 | 1992 | No | |
 Morocco | 1 santim 5 santimat | 2001 2010 | N/A | Yes | Not officially withdrawn. |
 Netherlands | 1⁄2 cent 1 cent 2+1⁄2 cents | 1948 1983 1948 | 1948 1983 1948 | No | With the introduction of the euro on 1 January 2002, the 5-cent, 10-cent, 25-cent, 1-guilder, 2+1⁄2-guilder and 5-guilder coins ceased to function as legal currencies. |
 New Zealand | 1 and 2 cents 5 cents | 1987 2004 | 30 April 1990 1 November 2006 | No [3] | Exchangeable at the Reserve Bank of New Zealand, but amounts over $5 must be paid into a New Zealand bank. |
 Nigeria | 1⁄2, 1, 5, 10 and 25 kobo | 2007 | 28 February 2007 | No | 1⁄2- to 25-kobo coins were withdrawn from circulation with effect from 28 February 2007. |
 North Macedonia | 50 deni | 1993 | 1 January 2013 | No | Exchangeable at banks from 1 January to 31 March 2013; exchangeable only at the National Bank of North Macedonia thereafter. [16] |
 Norway | 1 and 2 øre 5 øre 10 øre 25 øre 50 øre | 1972 1982 1992 1985 2012 | 1975 1985 1993 1985 1 May 2012 | No | Norges Bank was obliged to redeem 50-øre coins until 2022. [17] |
 Organisation of Eastern Caribbean States (OECS) | 1 and 2 cents | 2013 (1 cent) 2011 (2 cents) | July 2015 | No | 1- and 2-cent coins were withdrawn from circulation from July 2015, and remained legal tender until 30 July 2020. |
 Pakistan | 1 paisa 2 paisa 5, 10, 25 and 50 paisa | 1979 1976 1996 | 1 October 2014 1 October 2014 1 October 2014 | No | On 1 October 2014, all coins in denominations of 50 paisa and below were officially demonetised. [18] |
 Panama | Medio Centesimo | 1907 | 1930 | No [19] | |
 Papua New Guinea | 1 and 2 toea | 2006 | 19 April 2007 | No | |
 Peru | 1 céntimo 5 céntimos | 2011 2018 | 1 May 2011 1 January 2019 [20] | Yes | |
 Philippines | 1⁄2 centavo 10 centavos 20 centavos 50 centavos 2 pesos | 1908 2017 1945 1994 1994 | 1908 N/A 1945 1998 1998 | No Yes No No No | 10-centavo coins are not officially withdrawn. |
 Russia | 1, 5, 10 and 50 kopeks | 2018 [21] | N/A | Yes | Not officially withdrawn. |
 Serbia | 1 para 5 para 10 para 50 para | 1994 1996 1998 2007 | 1 May 2003 [22] 1 May 2003 1 May 2003 1 January 2008 | No | Serbian dinar replaced the Yugoslav dinar in 2003. |
 Singapore | 1 cent | 2002 [23] | N/A | Yes | Not officially withdrawn. |
 Slovakia | 10 and 20 halierov | 2003 | 31 December 2003 | No | As of 1 January 2009, with the introduction of the euro, the Slovak koruna lost its function as a legal currency. |
 Slovenia | 10 and 20 stotinov | 2006 | 31 December 2006 | No | As of 1 January 2007, with the introduction of the euro, the Slovenian tolar lost its function as a legal currency. |
 South Africa | 1 and 2 cents 5 cents | 2002 [24] 2012 [25] | 1 April 2002 1 April 2012 | Yes | |
 South Korea | 1 and 5 won | 1991 | N/A | Yes | 1- and 5-won coins have not been officially withdrawn and are produced in limited quantities for the Bank of Korea's official annual coin sets since 1992. Amounts are rounded to the nearest 10 won. |
 Sweden | 1 and 2 öre 5 and 25 öre 10 öre 50 öre | 1971 1984 1991 2009 | 30 June 1972 30 June 1985 30 September 1992 30 September 2010 | No | Payable into bank accounts for several months after withdrawal—now treated as scrap metal. |
 Switzerland | 1 Rappen 2 Rappen | 2006 1974 | 1 January 2007 1978 | No | Exchangeable at the Swiss National Bank for 20 years after withdrawal. |
 Taiwan | 10 and 20 cents 50 cents | 1981 2004 | N/A | Yes | Not officially withdrawn. |
 Tajikistan | 1 and 2 diram 5 diram 25 diram | 2011 2019 2006 | N/A N/A N/A | Yes | Not officially withdrawn; was minted in limited numbers as part of a new series of coins for general circulation for collectors. |
 Tanzania | 5, 10 and 20 cents 50 cents 1 shilling 5 and 10 shillings 20 shillings | 1984 1990 1992 1993 1992 | 1984 1990 1992 1993 1992 | No | |
 Thailand | 1, 5 and 10 satang | N/A | N/A | Yes | Not officially withdrawn, used only in transactions between domestic banks. |
 Trinidad and Tobago | 1 cent | 2014 | 2018 | No | Production ceased in 2014 and lost its validity in 2018; exchangeable at the Central Bank of Trinidad and Tobago. |
 Tunisia | 1 millime 2 millimes | 1990 1983 | N/A N/A | Yes Yes | Not officially withdrawn. |
 Turkey | 10 old para (0.25 old kuruş) 1⁄2 old kuruş (0.5 old kuruş) 1 old kuruş 21⁄2 old kuruş 5, 10, 25 and 50 kuruş 1 old lira 21⁄2 old lira 5, 10, 20 and 25 old lira 50 and 100 old lira 500, 1,000 and 2,500 old lira 5,000 old lira 10,000 old lira 25,000 old lira 50,000, 100,000 and 250,000 old lira | 1950 1965 1989 1965 1989 1990 1989 1990 1995 1998 2000 2000 2003 2004 | 1950 1965 1989 1965 1989 1990 1989 1990 1995 1998 1 February 2001 15 December 2001 23 February 2004 31 December 2005 | No | Following the redenomination that took effect on 1 January 2005, the old 1,000,000 lira was replaced with a new 1 lira. |
 Ukraine | 1 kopiyka 2 kopiyky 5 kopiyok 25 kopiyok | 2016 2014 2015 2016 | 1 October 2019 1 October 2019 1 October 2019 1 October 2020 | No | Exchangeable for 3 years after withdrawal. Amounts are rounded to the nearest 10 kopiyok (₴0.10). [26] |
 United Arab Emirates | 1 fils 5 fils 10 fils | 2005 2014 2018 | N/A N/A N/A | Yes Yes Yes | Not officially withdrawn. |
 United Kingdom | Half farthing (1⁄8 d) farthing (1⁄4 d) ha'penny (1⁄2 d, 1⁄480 £) 1⁄2 penny (1⁄200 £) | 1856 [27] 1956 1967 1983 | 1870 1960 1969 31 December 1984 | No [2] | Decimal halfpennies can be paid into bank accounts at the discretion of commercial banks; cannot be exchanged by the general public at the Royal Mint, although private companies exist which can do so. |
 United States | 1⁄2 cent | 1857 | 21 February 1857 | Yes | All US coinage, pursuant to the Coinage Act of 1965, is legal tender for any amount. |
 Uruguay | 10 and 20 centésimos 50 centésimos | 1994 2008 | 2005 1 July 2010 | No | |
 Uzbekistan | 1, 3, 5, 10, 20, and 50 tiyin 1 sum 5 and 10 sum | 1994 2000 2001 | 1 March 2020 1 March 2020 1 March 2020 | No | |
 Vanuatu | 1 and 2 vatu | 2011 | 31 March 2011 | Yes [28] | |
 Vietnam | 200 đồng 500 đồng 1,000 đồng 2,000 đồng 5,000 đồng | 2003 2004 2003 2004 2003 | April 2011 April 2011 April 2011 April 2011 April 2011 | Yes | |
 Zambia | 1 and 2 old ngwee 5 and 10 old ngwee 20 old ngwee 25 and 50 old ngwee 1, 5 and 10 old kwacha | 1983 1987 1988 1992 1992 | 1 January 2013 | No | Following the redenomination that took effect on 1 January 2013, the old 1,000 kwacha was replaced with a new 1 kwacha. |
There are eight euro coin denominations, ranging from one cent to two euros. The coins first came into use in 2002. They have a common reverse, portraying a map of Europe, but each country in the eurozone has its own design on the obverse, which means that each coin has a variety of different designs in circulation at once. Four European microstates that are not members of the European Union use the euro as their currency and also have the right to mint coins with their own designs on the obverse side.
The Australian dollar is the official currency and legal tender of Australia, including all of its external territories, and three independent sovereign Pacific Island states: Kiribati, Nauru, and Tuvalu. As of 2022, it is the sixth most-traded currency in the foreign exchange market and also the seventh most-held reserve currency in global reserves.
The Canadian dollar is the currency of Canada. It is abbreviated with the dollar sign $. There is no standard disambiguating form, but the abbreviations Can$, CA$ and C$ are frequently used for distinction from other dollar-denominated currencies. It is divided into 100 cents (¢).
The British decimal halfpenny coin was a denomination of sterling coinage introduced in February 1971, at the time of decimalisation, and was worth 1⁄200 of one pound. It was ignored in banking transactions, which were carried out in units of 1p.
Legal tender is a form of money that courts of law are required to recognize as satisfactory payment for any monetary debt. Each jurisdiction determines what is legal tender, but essentially it is anything which when offered ("tendered") in payment of a debt extinguishes the debt. There is no obligation on the creditor to accept the tendered payment, but the act of tendering the payment in legal tender discharges the debt.
Decimal Day in the United Kingdom and in Ireland was Monday 15 February 1971, the day on which each country decimalised its respective £sd currency of pounds, shillings, and pence.
£sd, spoken as "pounds, shillings and pence", is the popular name for the pre-decimal currencies once common throughout Europe. The abbreviation originates from the Latin currency denominations librae, solidi, and denarii. In the United Kingdom, these were referred to as pounds, shillings, and pence.
The Jamaican dollar has been the currency of Jamaica since 1969. It is often abbreviated to J$, the J serving to distinguish it from other dollar-denominated currencies. It is divided into 100 cents, although cent denominations are no longer in use as of 2018. Goods and services may still be priced in cents, but cash transactions are now rounded to the nearest dollar.
In Canada, a penny is an out-of-production coin worth one cent, or 1⁄100 of a dollar. According to the Royal Canadian Mint, the official term for the coin is the one-cent piece, but in practice the terms penny and cent predominate. Penny was likely readily adopted because the previous coinage in Canada was the British monetary system, where Canada used British pounds, shillings, and pence as coinage alongside U.S. decimal coins and Spanish milled dollars.
The pound was the official currency of Jamaica between 1840 and 1969. It circulated as a mixture of sterling coinage and locally issued coins and banknotes and was always equal to the pound sterling. The Jamaican pound was also used in the Cayman and Turks and Caicos Islands.
The twelve-sided Australian fifty-cent coin is the third-highest denomination coin of the Australian dollar and the largest in terms of size in circulation. It is equal in size and shape to the Cook Island $5 coin, and both remain the only 12-sided coins in the southern hemisphere. It was introduced in 1969 to replace the round fifty-cent coin issued in 1966.
The Australian five-cent coin is the lowest-denomination circulating coin of the decimal Australian dollar introduced in 14 February 1966, replacing the pre-decimal sixpence. It has been the lowest-denomination coin in general circulation since the withdrawal of the one-cent and two-cent coins in 1992.
Cash rounding or Swedish rounding occurs when the minimum unit of account is smaller than the lowest physical denomination of currency. The amount payable for a cash transaction is rounded to the nearest multiple of the minimum currency unit available, whereas transactions paid in other ways are not rounded. Cash rounding typically occurs when low-denomination coins are removed from circulation owing to inflation. Cash rounding may be a compulsory legal requirement if such coins are no longer legal tender, or a voluntary practice where they remain in circulation but are scarce or impractical.
A debate exists within the United States government and American society at large over whether the one-cent coin, the penny, should be eliminated as a unit of currency in the United States. The penny costs more to produce than the one cent it is worth, meaning the seigniorage is negative – the government loses money on every penny that is created. Several bills introduced in the U.S. Congress would have ceased production of pennies, but none have been approved. Such bills would leave the five-cent coin, or nickel, as the lowest-value coin minted in the United States.
The cent, formally the one-cent coin, was the lowest-denomination coin of the Australian dollar. It was introduced on 14 February 1966 in the decimalisation of Australian currency and was withdrawn from circulation in 1992. It is still minted as a non-circulating coin. A one-cent coin in 1966 would have a purchasing power equal to about 16c in 2023 values.
The Australian two-cent coin was introduced in 1966 and was the coin of the second-lowest denomination until it was withdrawn from circulation in 1992. It is still counted as legal tender, but is subject to some restrictions, and two-cent coins are legal tender only up to the sum of 20 cents.
The coins of the New Zealand dollar are used for the smallest physical currency available in New Zealand. The current denominations are ten cents, twenty cents, fifty cents, one dollar and two dollars. The $1 and $2 coins are minted in a gold colour, the 20c and 50c coins are silver colour and the 10c coin is plated in copper.
Coins of the Ukrainian hryvnia were first minted in 1992. Coins were first struck in 1992 for the new currency but were not introduced until September 1996. Initially, coins valued between 1 and 50 kopiyok were issued. In March 1997, 1 hryvnia coins were added; they are however rarely seen in circulation. The note of the same value is far more commonly used. Since 2004 several commemorative 1 hryvnia coins have been struck. New coins have been produced annually since then and they make up a valuable aspect of the Ukrainian currency system. Today, circulating coins exist in denominations of 1 kopiyka, 2, 5, 10, 25 and 50 kopiyok, ₴1, ₴2, ₴5 and ₴10. Also minted are bullion and commemorative coins. All of these are produced by the National Bank of Ukraine.
The halfpenny was first issued in New Zealand in 1940, seven years after the first introduction of a domestic pound coinage. The coin's issuing was scheduled to align with the centennial of the Treaty of Waitangi and the New Zealand centennial, alongside the penny and centennial half-crown. The coin was designed by New Zealand artist Leonard Cornwall Mitchell after winning a government-sponsored design competition, and then modelled by Royal Mint designer Percy Metcalfe. The halfpenny features the head of the reigning monarch on the obverse, with a hei-tiki pendant ornamented and simplified kowhaiwhai woodcarvings on the reverse. The smallest of all denominations of the New Zealand pound, the copper coin was worth 1/480th of a pound, or 1/120th of a crown, the largest coinage denomination. It was discontinued alongside all other New Zealand currency following decimalisation in 1967.
The first coinage of the New Zealand pound was introduced in 1933 in response to large-scale smuggling of prior British imperial coinage after devaluation of New Zealand exchange rates relative to the pound sterling and large influxes of other foreign coinage into circulation. The Coinage Act, 1933 outlined the weights and compositions of various denominations, out of which five silver issues entered circulation over the following year, after lengthy disagreement between rival coinage design committees. The copper penny and halfpenny entered circulation in 1940, corresponding to anniversary of the New Zealand centennial. An eighth denomination of coin, the five-shilling piece or crown, was produced solely through three commemorative issues. The first issue, the Waitangi crown, was produced in extremely limited quantities and sold to collectors. Later commemorative crown issues in 1949 and 1953 were produced for circulation.
