50-heller coins will be withdrawn from circulation in one year

50-haller coin The Bank Board of the Czech National Bank has decided to withdraw 50-heller coins from money circulation by 31st August 2008. Shops will not accept them from 1st September 2007 onwards. After 1st September 2008 until 31th August 2009 people can exchange 50-heller coins in any Czech bank, until 2014 in the Czech National Bank.

“The main reason for this decision is that 50-heller coins are ceasing to fulfil their function as circulation currency. A total of 410 million such coins are currently in circulation, representing 41 per person including babies,” said Member of the CNB Bank Board Pavel Rezabek.

Another reason is that the 50-heller coins are made of aluminium, which wear easily away and makes the coin-counting machines dirty. Unlike other coins, the 50-heller coins have to be processed manually.

The prices in shops should stay the same, as the prices will be finally rounded at the cash desk.

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