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50-Heller Phased Out, Other Small Denominations Scrutinized
 | By Lisa Bellavin, Market Update
August 19, 2008 |
The Czech 50-Heller coin is in its final days of existence.
The last denomination of the Heller still in use will be phased out of the country's currency line-up by September 1.
The 10 and 20 denominations were phased out in October of 2003.
Although still in use, it's reported that citizens have "given up" on the denomination long ago.
The Prague Post quoted Czech National Bank Chief Executive Director Pavel Rezabek as saying the coin has gradually lost its usefulness over time.
"The 50-heller coin is a historical symbol ... and it has a very long history, but the shops don't want to accept them. They even refuse them," Rezabek said. "You cannot buy anything for 50 hellers."
It's estimated that up to 410 million 50-heller coins are currently in circulation, representing 41 per citizen including babies, Rezabek said. Yet only 10 percent of the coins have made their way back to the bank.
The news comes amid a change of thought in countries around the world as they examine the utility and economy of their smallest currencies.
Finland, Holland and Belgium have "all but outlawed" their 1 and 2 euro cent coins, and earlier this year a national discussion was sparked in the U.S. regarding the cent and nickel after Mint Director Ed Moy appeared on the television news show 60 Minutes.
View that interview below.
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