Central Bank Wants Back It's Coins
Break out the piggy bank or the coin jar to
remove all the large silver coins or "plateadas",
as they will be phased out next year.
Costa Rican banks will begin receiving in
exchange of the coins during the first three
months of 2010, after which the coins can
only be exchanged at the Banco Central de
Costa Rica (Central Bank).
TheCentral Bank informed on Tuesday that the
local banks will begin receiving and
exchanging en masse the ¢5, ¢10 and ¢20
large silver coins. These are the large
heavy silver coins, not to be confused with
the smaller and lighter silver coins that
will be maintained in circulation.
The announcement to retire the coins was
made last September and banks have been
receiving the coins and remitting them for
exchange at the Central Bank, though no mass
public collection was announced,
Marvin Alvarado, director of the Tesorerķa
del Banco Central said that beginning on
January 1, the Central Bank will begin
exchanging the silver coins collected by the
local banks and hat beginning on April 1,
2010, the coins can only be exchanged at the
Central Bank.
The Central Bank estimates that there are
205 million coins circulating, of which only
18.9 million had been recovered as of
December 15.
The move, according to the Central Bank
official, is to have only one size of coins
in circulation. Although there will exist
the the ¢5 and ¢10 gold and silver coins,
they will be of the same diameter.
The Central Bank assures that is has enough
coins on hand to replace the removal of the
large silver coins and will begin a campaign
to make the public aware of the exchange. |
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