Coins get facelift to reduce minting cost

Chodechai Suwanaporn, deputy government spokesman, said after the Cabinet meeting that the resolution will affect new coins.

"The changes follow the minting cost which is higher than the nominal value. The changes will cut cost by Bt1.9 billion per year," he said.

"To continue producing the current coins, the Treasury Department will have to bear Bt1.1 billion in loss. As of April 2007, metal prices rose sharply against the levels in the same period last year: nickel by 280 per cent, copper by 121 per cent and aluminium by 107 per cent," Chodechai said.

New coins will bear the updated image of His Majesty the King, to replace the one which has been used since 1987. Meanwhile, they will become smaller and lighter.

The 25 and 50-satang coins will be coated with copper. The Bt1 coin will be coated with nickel - the cheapest metal, while the Bt2 coins will be made of bronze aluminium and the Bt5 coins will be coated with white metal such as silver nickel.

At present, the Treasury Department has minted 10,000 units of 1, 5 and 10 satang coins per annum. Other coins bear the nominal value of 25 satang, 50 satang, Bt1, Bt2, Bt5, Bt10. The Bt1 coins are the most frequently used, accounting for 1,200 million units.

- The Nation