Treasury to cut cost for coin production

[webfact]

Treasury to cut cost for coin production
By Digital Content



BANGKOK, Aug 14 -- Thailand's Treasury Department plans to lower the production cost of coins, after finding that over 30 per cent of the circulating coins in the domestic economy have been lost.

Treasury Department Director General Narit Chaiyasut said he will ask the National Council for Peace and Order (NCPO) to consider his plan to reduce coin production costs, by reducing the value of raw metal used for coin production.

Mr Narit said the Treasury Department will propose two methods for the council to consider, including installig coin exchange machines in malls, as well as important religious and tourist destinations.

Another option was to hire private companies to use their employees to exchange coins at internet cafes and temples, with companies receiving 10 per cent from each 100 coins exchanged.

Mr Narit said that the latter method would require less production cost.

The costs of production for currently circulated coins in Thailand of 25 satang to 10 baht coins, range from 28 satang to Bt4.40 per coin on average, he said, noting that the figures are quite high and must be reduced.

He said at present around 30 per cent of circulated coins are missing from the domestic economy, which feeds Bt70 million in coins into the economy monthly, as most people collect the coins or donate them to temples, prompting the department to produce more coins in some years.

The Treasury Department has predicted that it would only produce 1,300-1,400 million coins to be circulated this year, which is lower that the earlier targeted figure of 1,800 million coins, though it has ensured that this would not affect the demand for coins for spending. (MCOT online news)

[tna]2014-08-14[/tna]

[h90]

Cancel the Satang: money saved

[Chang_paarp]

It is a sign of the economy if people can afford to "lose" 30% of the coins.

 

With the current government trying to make more food at 30B they will need more coins.

[Thai at Heart]

what does he mean by lost?

 

Non circulation?  Been melted down and used for metals?  

[ginjag]

Cancel the Satang: money saved

 

This is one of the worlds most stupid coins.   4x 25 satang = 1 baht.    ridiculous.        what can you buy for 25 satang ??  or the 50 satang ???

If you cannot buy anything with these coins why do you mint them ???    They are always shouting about young people and them not being very bright,  because people like you come out with this statement and here's your answer to save money.

[daoyai]

Lost as in no longer in circulation, the satang coins go to few big retailers that use them, are given as change, taken home put in a jar and forgotten, the baht coins get  spent.

[northernjohn]

<script type='text/javascript'>window.mod_pagespeed_start = Number(new Date());</script>

 

 

Cancel the Satang: money saved

 

This is one of the worlds most stupid coins.   4x 25 satang = 1 baht.    ridiculous.        what can you buy for 25 satang ??  or the 50 satang ???

If you cannot buy anything with these coins why do you mint them ???    They are always shouting about young people and them not being very bright,  because people like you come out with this statement and here's your answer to save money.

 

 

Try giving 30 of them instead of three baht.

Had to laugh a few years ago we had a poster on the Chiang Mai forum

looking for a place to cash in a lot of them.

Not sure weather it is Canada or the States but one of them has dropped the penny.

Now the smallest coin is a nickel 5 cents.

[ezzra]

They can mint them out of rotten rice, lord knows there is plenty of laying around...

[h90]

 

Cancel the Satang: money saved

 

This is one of the worlds most stupid coins.   4x 25 satang = 1 baht.    ridiculous.        what can you buy for 25 satang ??  or the 50 satang ???

If you cannot buy anything with these coins why do you mint them ???    They are always shouting about young people and them not being very bright,  because people like you come out with this statement and here's your answer to save money.

 

 

I remember in some countries where they didn't had the small coins you got in the supermarket a sweet instead of the coin....

 

[GuyL]

<script type='text/javascript'>window.mod_pagespeed_start = Number(new Date());</script>
 

Cancel the Satang: money saved

 
This is one of the worlds most stupid coins.   4x 25 satang = 1 baht.    ridiculous.        what can you buy for 25 satang ??  or the 50 satang ???
If you cannot buy anything with these coins why do you mint them ???    They are always shouting about young people and them not being very bright,  because people like you come out with this statement and here's your answer to save money.

 
Try giving 30 of them instead of three baht.
Had to laugh a few years ago we had a poster on the Chiang Mai forum
looking for a place to cash in a lot of them.
Not sure weather it is Canada or the States but one of them has dropped the penny.
Now the smallest coin is a nickel 5 cents.

Try giving 30 of them instead of three baht? Do you realise that the smallest coin here is a 25-satang coin, thus, I would happily buy 30 of them for only 3 baht, a million times and more (their total value actually amounts 7.5 baht)!

[h90]

 

<script type='text/javascript'>window.mod_pagespeed_start = Number(new Date());</script>
 

 

Cancel the Satang: money saved

 
This is one of the worlds most stupid coins.   4x 25 satang = 1 baht.    ridiculous.        what can you buy for 25 satang ??  or the 50 satang ???
If you cannot buy anything with these coins why do you mint them ???    They are always shouting about young people and them not being very bright,  because people like you come out with this statement and here's your answer to save money.

 

 
Try giving 30 of them instead of three baht.
Had to laugh a few years ago we had a poster on the Chiang Mai forum
looking for a place to cash in a lot of them.
Not sure weather it is Canada or the States but one of them has dropped the penny.
Now the smallest coin is a nickel 5 cents.

 

Try giving 30 of them instead of three baht? Do you realise that the smallest coin here is a 25-satang coin, thus, I would happily buy 30 of them for only 3 baht, a million times and more (their total value actually amounts 7.5 baht)!

 

 

well cheating someone for 4.5 Baht won't make you rich...even if you do it daily.

[GuyL]

By the way, Thailand's Treasury Department has recently considered to mint a few extra 1990 10-baht coins, but alas, it's not interesting anymore!
http://www.thaivisa.com/forum/topic/751330-shop-withdraws-100000-baht-offer-for-rare-10-baht-coins/

[GuyL]

<script type='text/javascript'>window.mod_pagespeed_start = Number(new Date());</script>
 

This is one of the worlds most stupid coins.   4x 25 satang = 1 baht.    ridiculous.        what can you buy for 25 satang ??  or the 50 satang ???
If you cannot buy anything with these coins why do you mint them ???    They are always shouting about young people and them not being very bright,  because people like you come out with this statement and here's your answer to save money.

 
Try giving 30 of them instead of three baht.
Had to laugh a few years ago we had a poster on the Chiang Mai forum
looking for a place to cash in a lot of them.
Not sure weather it is Canada or the States but one of them has dropped the penny.
Now the smallest coin is a nickel 5 cents.

Try giving 30 of them instead of three baht? Do you realise that the smallest coin here is a 25-satang coin, thus, I would happily buy 30 of them for only 3 baht, a million times and more (their total value actually amounts 7.5 baht)!

 
well cheating someone for 4.5 Baht won't make you rich...even if you do it daily.

If I can do it daily a million times or more, I will at least have a very long life!

[canopus1969]

I can tell you where 29% are - in my wife's jam jar she uses for small change

[klauskunkel]

 

Treasury to cut cost for coin production

...and once they have done that, they will introduce a utterly useless 3-baht coin to complement the utterly useless 2-baht coin, so they can add up to 5 baht. Yeah!

[PoorSucker]

99% of the lost 30% is satang coins.

[PaulHamon]

kill the satang.... it's long lost it's value even upcountry.

 

I'm sure plenty of change gets taken home by farang with 25 million visitors, all with a handfull of cheap coins in their pocket... that's got to add up.

 

 

 

 

 

[belg]

just another excuse to stop production and raise all prices

[Suriya4]

Seller's will round prices up to 1 baht is there is no stang coin. This will push up inflation. Make life difficult for the poor.

[londonthai]

Usually it's the banks, who take in petty coins. In the west sometimes there are vending machines in the banks and some supermarkets. So why to hire some agency and give them 10% cut? Banks are obliged to take all coins, they can't refuse

[tingtongteesood]

Get rid of the coins so they can put up the prices of everything more using the excuse they can't round to the nearest however many baht because those coins arent used any more. Then sooner or later everything will be calculated in 20 baht increments, so what would have used to be 22 baht will now go up to 40 as they couldnt possibly round it down to 20. Call me skeptical if you want, I am....The prices of everything keep going up and up, the local Tesco Lotus was closed for a few days recently, when they reopened the prices of almost everything I look at had increased by 2 baht or more, in 1 case something has increased from 30 to 38 baht overnight !....RIDICULOUS ! Inflation has been running rampant the last 3 years, it's getting way out of hand !

[Basil B]

Similar thing here in the UK, they have change the metals used, newer coins stick to the magnet on my phone case clip, if they change the alloy again for a cheaper alloy the coins will rust in your pockets.

[Suradit69]

 

Cancel the Satang: money saved

 

This is one of the worlds most stupid coins.   4x 25 satang = 1 baht.    ridiculous.        what can you buy for 25 satang ??  or the 50 satang ???

If you cannot buy anything with these coins why do you mint them ???    They are always shouting about young people and them not being very bright,  because people like you come out with this statement and here's your answer to save money.

 

 

But some farang post here about a scam if they don;t get 10 or 15 satang change when paying utility bills at 7-Eleven.

 

Of course, it's the principle, not the money they're concerned about.

 

 Every month I lose 15 satang, I'm aghast!!

[ginjag]

 

 

Cancel the Satang: money saved

 

This is one of the worlds most stupid coins.   4x 25 satang = 1 baht.    ridiculous.        what can you buy for 25 satang ??  or the 50 satang ???

If you cannot buy anything with these coins why do you mint them ???    They are always shouting about young people and them not being very bright,  because people like you come out with this statement and here's your answer to save money.

 

 

But some farang post here about a scam if they don;t get 10 or 15 satang change when paying utility bills at 7-Eleven.

 

Of course, it's the principle, not the money they're concerned about.

 

 Every month I lose 15 satang, I'm aghast!!

 

 

Ya mean your  Keenyow???

[ginjag]

Seller's will round prices up to 1 baht is there is no stang coin. This will push up inflation. Make life difficult for the poor.

 

25 satang will not push up inflation.   and the poor will still buy 300 baht worth of mobile top ups.