2018-02-03 Sat

Old 10 rupee coins of Seychelles have a tendency to rust. The Central Bank of Seychelles has decided to circulate 5 million new 10-rupee coins with a new metal composition from January to March.

The new nickel plated and nickel brass coins can better adapt harsh climatic conditions. The older coins were nickel plated and also had brass plated steel. They were released in December 2016 to replace banknotes.

The damaged coins were sent to the Royal Mint for analysis. Experts have stated that the older coins were getting rusted because of Seychelles’ climate and exposure to seawater. The Royal Mint and Central Bank have been working together since 1982. The Royal Mint has never faced such a problem in the last 150 years of service.

The new coins and old coins will be circulated in tandem. The older coins will be slowly withdrawn from circulation through the process of daily withdrawals and deposits by commercial banks.

There were other reports that the coins are falling apart. The Royal Mint conducted some tests and concluded that a lot of force is required to remove the inner and outer part of the coin and it cannot be caused due to usual wear and tear. The Royal Mint officials have requested the people from Seychelles to handle their coins and banknotes with care.