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The phrase losing money to make money has taken on a literal meaning for the Central Bank, given that every five-cent piece produced results in a net loss for the Treasury. High metal prices and minting fees have made the coin’s production unsustainable.
By eventually decommissioning this denomination, T&T could reclaim roughly $2.9 million each year, proving that sometimes the best way to grow the economy is to stop manufacturing its least valuable parts.
In an emailed response to queries from the Business Guardian, the Central Bank explained every $0.05 coin costs $0.24 to produce, nearly five times the coin’s actual face value.
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