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Philippines one peso coins being smuggled to China and Hong Kong
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Philippines one peso coins being smuggled to China and Hong Kong
On 4 Apr 2006 14:10:06 -0700, "stonej"
wrote: http://www.manilastandardtoday.com/?...5_april05_2006 Not a bad deal, at 2¢ each or so. But you'd think China could import all those scrap pre-euro European coins and not be seen as a great big dork of a country for stealing some poor little country's peso coins. You would also think that China has a sufficiently worked out means of producing tokens that they don't have to steal raw material. Just goes to show. Padraic. la cieurgeourea provoer mal trasfu ast meiyoer ke 'l andrext ben trasfu. |
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Philippines one peso coins being smuggled to China and Hong Kong
I think that the Philippines government is going to have a real
problem on thier hands. The face value is just under 2 cents (US) each for these coins. These coins are 6.1 grams of CuNi (75% copper, 25% Nickel), which makes the metal value about 4.75 cents each per my calculations. I'm sure the Philippines have some type of exportation laws that prohibit this activity, but raw materials at about a 60% discount over market prices is very attractive to those who do not care about those type of laws. The Philippines government is losing over 2-1/2 cents, not counting production costs, on every 1 piso coin it makes and sells at face value to the public. The Philippines government stands to lose a substansial amount of money replacing the 1 piso coins lost due to this activity. To stop this the Philippines government should redesign the 1 piso coins in a size / alloy combination that makes the metal worth less than the face value, widthdraw all the existing 1 piso coins circulation (at face value) and then sell them to the scrap market at the current metal price. By doing this they possibly make enough to pay for issuing the new coins. We would have the same problem in the US if we still made cents out of copper instead of the copper plated zinc which they are now. Sean Moffatt Operations Manager Hoffman MInt |
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