Russia’s Central Bank is finally talking about eliminating its smallest coin, the kopeck, according to Beyond Brics.
This could be the most obvious choice ever:
The cost of producing a kopeck is now 45 times higher than the value of the coin itself, which is equal to one hundredth of a rouble or one hundredth of $0.32. A five-kopeck coin costs 69 kopecks to make.
Over the past year, the average price of copper has gone up 37.8 per cent, while nickel has risen 43.6 per cent and compressed steel, another ingredient, has added 32.6 per cent.
Other problems with the kopeck include inflation and new technology. Almost nothing in Russia is priced in kopecks. And the modern Russian is likely to use a credit card.
So when are we going to kill the penny, which American spend $100 million over face value each year to mint?
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