Old coins live until Friday in Samoa
The Central Bank of Samoa has extended its expiry date for the use of old coins. CBS Manager of Banking and Cooperate, Fui Malaeoalii Sootala Pua, confirmed this yesterday saying “this is because more people still have not exchanged their old money for the new ones.”
People now have until Friday of this week to use or exchange their old coins. However the old $2 note will no longer be legal tender after 27 January. Fui said the old coins will be sold as scrap metal to international buyers.
Interested buyers are mainly minting companies like the Korean Mint and others from India and Europe. “The worth of the old coins cannot be estimated unless all are recovered before the dates and ready for the next process,” Fui said.
He told the Samoa Observer the old coins will be melted to separate the copper and nickel before being valued at the London’s Metal Exchange while the $2 note will be shredded.The new coins are made from steel and a small composition of copper.
In comparison with the old coins Fui said the new ones are 50 per cent cheaper to mint.