Mexico aims to shrink coins
Arizona Coin Collector
http://tvnz.co.nz/view/page/536641/2337741
NEW ZEALANDS NEWS
Mexico aims to shrink coins
Nov 27, 2008 9:03 PM
Mexico wants to shrink the size of some of its
coins and use stainless steel to make them
instead of copper, zinc and nickel alloys,
which have hit record prices in recent months.
President Felipe Calderon sent a bill to
Congress this week proposing to slightly
reduce the diameter of centavo coins and stop
making them from the more expensive metals.
Stainless steel also would be used in some
peso coins.
Bulging wallets and pockets jangling with
coins are common in Mexico where everyday
purchases, from bus fares to tacos, are often
paid for with small denominations like 10
pesos instead of larger bills.
The use of metal coins has increased by about
6% annually in Mexico, the government says.
Calderon wants to "reduce production costs
for the minting of coins, using a different
metal - stainless steel - whose price has
shown more stability than other metals,"
the proposal says.
Some metal prices soared to record highs
earlier in the year but took a dive this
month as jittery investors, fearing a global
recession, pulled money out of commodities
markets.
Mexican coins come in denominations of pesos
and the less valuable centavos. The Calderon
plan would cut the size of 10-, 20- and
50-centavo coins, and use cheaper metal in
pesos and some centavos.
Mexico's economic growth, dependent on
exports to the United States, is slowing
down due to the world financial crisis.
..
Roger Hunt
Coin Collector <nos...@nospam.com> writes(snip)
They ought to go to Stoneridge engineering ...
http://capturedlightning.com/frames/shrinkergallery.html
--
Roger Hunt