Shades Of Susan B. Anthony
The British Bankers Association, according to the American Banker newspaper, is appealing to the British government for a solution to a heavy problem.
It seems that the Royal Mint filled all of the orders for the new 50-pence pieces for their banks, and now the banks are stuck with them.
Britain's 50-pence coin is worth about 95 cents, is seven sided, and is unusually heavy.
People say it wears holes in pants pockets and doesn't fit well into purses and change cases. Nobody wants them! Banks say no matter how hard they try to distribute the coin, more come back into the bank than are being paid out.
The British Treasury and Royal Mint won't take them back, and the banks can't get rid of them. So 50 million coins-675 tons-worth about $45 million are sitting in British bank vaults.
Makes the Susan B. Anthony dollar seem like a light weight problem, doesn't it?
Copyright © 1990 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 1, No. 8, 8/90
First published on 08/01/1990