Notes » February 2007

Small Coins Unwanted

Hong Kong's 10- and 20-cent coins may be going the way of the dodo, as increasing numbers of small businesses are refusing to accept them as payment.

Why? Because banks are charging too much for coin deposits. Remember the good old days, when banks were happy to accept your money and didn't dip their beaks into your cash flow when you made a deposit?

But I digress.

Hong Kong's Octopus card is also responsible; the more companies that accept it, the less people need to rely on carrying small change. Most folks won't even pick up a 10-cent piece if they see it lying on the sidewalk. It's a far cry from the days when people hoarded small coins just to have a steady supply of exact change for the bus.

There is something to be said for ridding society of small coins, as with the drive to abolish pennies in North America. The day may come when the Monetary Authority begins yanking the billions of coins circulating in Hong Kong. Heck, it hasn't minted any new coins since 1999.

I wouldn't mind one bit if goods were rounded to the 50-cent mark.

If nothing else, it would force grocery stores to stop chopping prices by 20 cents and calling them huge savings.

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