In recent years many local banks have made coins ‘money non-grata’ and actively discouraged us, their customers, from depositing them by charging for accepting coin deposits. To the extent that 10cent, 20cent and even 50cent coins are often refused in many shops and in others you can almost see the sales clerks nose turn-up in disgust when your payment includes a few bronze coins.
Amazingly, a government body has come up with something practical and useful to Hong Kong residents that doesn’t cost multiple billions of dollars and line the pockets of the uber rich while causing mass disruption to the rest of the population.
The Hong Kong Monetary Authority (HKMA) confirmed that it’s Coin Collection Programme will launch next month. Starting from the 6 October, their will be two “Coin Carts” visiting the SAR’s districts on a rotating basis to collect coins from members of public and turn them into notes or added value to your octopus card.
Each Coin Cart will normally operate at a location for seven days, Monday through Sunday, from 9 a.m. to 7 p.m. Each vehicle is equipped with two coin counting machines and two staff will be present to provide assistance if needed. The programme will run for two years and the schedule from October 2014 to February 2015 is here.
It’s not made clear if you have to sort your coins first, and you are limited to 10kg of coins per transaction… All the ins and outs are here, but if you still have questions contact the HKMA [email protected].
At the launching ceremony, Mr Norman Chan, Chief Executive of the HKMA said, “The coin collection programme provides a channel for the public to get value for their coins in addition to the existing banking system. The coins collected will be re-circulated to meet public demand, making circulation more efficient and reducing the need for minting new coins.”
A simple, practical scheme that helps all of us – and no it’s not April first – whatever next.