Don’t bet money on the 5c coin lasting

PARKING machines in inner-city Perth suburbs such as Leederville have provisions to accept a futuristic $5 coin but deny drivers from using the humble 5c piece to pay.

Acting Town of Vincent chief executive Rick Lotznicker said ticket machines in Vincent had not accepted 5c coins for years.

“Most machines can be programmed to accept up to seven different coins,” he said.

“This currently comprises 10c, 20c, 50c, $1, $2 and a test token, with the last program being reserved for a possible future $5 coin.”

City of Perth machines also do not accept 5c coins and Lord Mayor Lisa Scaffidi thinks that is a step in the right direction.

“The number, weight and size of the coins can result in annoying coin jams,” she said.

She wants Australia’s smallest legal tender gone altogether as society moves towards more plastic transactions.

“I am pro less handling of coinage and more conversion to smart card and credit card technology over time,” Ms Scaffidi said.

“Everyone seems to have a collection of these little silver coins today as we round up or down these days. Personally, I am of the view the 5 cent piece should be phased out.”

Like parking meters and ticket machines, most drink and confectionery machines no longer accept 5c coins.

But if you’re a regular on public transport, you’re in luck – Transperth’s ticket machines still accept the little pieces of silver.

“Our ticket machine coin barrels have the capacity to accept them and it provides additional convenience to our passengers who may need to use 5c coins to purchase their ticket,” a Public Transport Authority spokeswoman said.

“We do not think there would be any benefit to restricting which coins can be accepted by our machines at this time.”

Both Ms Scaffidi and Mr Lotznicker said there had been no complaints about not being able to use the small coin to pay for parking in recent years.

Did you know?

The Currency Act states that in one transaction a maximum of $5 worth of 5c, 10c, 20c and 50c coins can be accepted at shops.

The 5c coin was not produced between 1985 and 1986.

Some avid collectors have said people should save their 5c coins because they will be worth a lot of money, especially from earlier years, with fewer in circulation today.

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