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The Attrition Rate, Lifetime and Hoarding of Australian Decimal Coins

Eric J. Frazer and John van der Touw

Australian Economic Review, 2016, vol. 49, issue 3, 290-303

Abstract: type="main" xml:lang="en">

Samples of Australian decimal coinage were taken in 2008 and 2012 from a major currency processing centre in Melbourne. A generic model was developed to analyse the pooled data and give separate estimates of loss, hoarding and return rates, as well as the numbers of coins in circulation, hoarded and permanently lost. For standard design coins, no particular trend in attrition rate with denomination was observed and average lifetimes were generally more than 30 years. Higher attrition rates were observed for the commemorative 20 cent and 50 cent coins versus the standard design. Hoarding was quantified for the 5 cent and 50 cent coins.

Date: 2016
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Handle: RePEc:bla:ausecr:v:49:y:2016:i:3:p:290-303