Posted in: Tattle, World

‘Virtually no demand’ for coins in Covid-19 era as Australia’s shift from cash to digital hastens

As a result of the trend, the Royal Australian Mint and the Reserve Bank are considering producing less physical money

Tens of millions of coins may never make it into circulation as a result of the shift toward digital payments that has been hastened by Covid-19, as Australia’s currency producers observe dramatic fluctuations in demand for cash.

The Royal Australian Mint has seen “virtually no demand” for coins in 2020 as physical retail closed down, although the Reserve Bank of Australia – responsible for supplying banknotes – was forced to produce about 2.5bn extra banknotes to respond to a surge in Australians withdrawing their savings as early pandemic fear set in, behaviour which emptied consumer banks of their cash stores.

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