Hungary's smallest coins to be withdrawn from circulation

[Nightwing]

http://www.caboodle.hu/nc/news/news_archiv...Hash=f56601e8c7

 

Hungary's smallest coins to be withdrawn from circulation

By: All Hungary News

2008-02-08 08:44:00

While Hungary may not yet be ready to trade its forints for euros, this month will see a massive shift of national currencies, as the Hungarian National Bank (MNB) withdraws the two smallest denominations of the country's currency. As of March 1st, Ft 1 and Ft 2 coins will no longer be legal tender for most transactions, the silver and gold-tinted pieces having declined in value to the point that they are worth less than the metal used to make them - and considered by many Hungarians to be not worth the hassle of carrying around and using.

origo.hu

 

(Top) The two smallest coins used in Hungary, Ft 1 and Ft 2, cost more to manufacture than what they are worth, so they will be withdrawn on March 1. (Bottom) If you have collected a large amount of these coins, consider giving them to charity.

 

According to the MNB, individuals possessing the coins have until February 29 to spend or give them to charity. Until then, businesses are required to accept coins of each denomination when they are used for payment, while banks and post offices will exchange 100 of each free of charge. For at least six months after March, the coins can be exchanged at banks and post offices, and at the MNB until March 1, 2013. For extensive information on the withdrawal of the coins in English, visit this site operated by the MNB: www.forint.hu.

 

Meanwhile, the government made a decision on January 23 about the rules for the "rounding" of prices after the withdrawal of the two smallest coins, reports inforadio.hu. Finance Minister János Veres stressed that rounding will only affect the total price of a transaction - as opposed to the prices of individual products - and that rounding will not be required when payment is made by bank card or electronic transfer.

 

There are a number of options if somebody wishes to offer their collected coins for charity. K&H Bank has been collecting the coins in charity boxes at their branches since December, and the money will be used for buying medical equipment for institutions treating children. The bank will continue to collect the coins for charity until May.

 

The Noé animal rescue center will collect the "endangered" coins within Budapest, but only for donations of a significant number. Send an e-mail to orokbefogadas@minimenhely.hu or, if you can, take the coins to the center or transfer the amount to their bank account.

 

The Foundation for Feeding Children (GYEA) is also collecting coins via the country's elementary and high schools. You can help twice by taking your collected coins to a school, because the money will not only help a hungry child, it will also help the school win a prize.

 

Meanwhile, the MNB has started an online game called "ApróTotó" at www.forint.hu on February 1 to help preparation for the withdrawal of the coins. There are 13 plus one questions (available in Hungarian only) about how the withdrawal of the smallest coins will affect everyday life. Players who submit correct answers participate in weekly draws until March 1, and the winners will receive prizes.