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General
Press Releases
Press
Release March
15, 2007
CENTRAL BANK TO ISSUE
NEW COINS
The
Central Bank of Barbados today announced that beginning in July
2007, Barbadian circulation coins will be manufactured using
“multiply” technology, a newer more sophisticated
technology.
“After
careful consideration, we decided to switch to this new
technology that offers a high-quality product while providing
considerable cost-savings,” said Victor Springer, Deputy
Governor, Operations at the Central Bank of Barbados.
The
coins, which will be produced by the Central Bank’s long-time
coin manufacturers, Royal Canadian Mint, will have at least a
25-year lifespan and will be very resistant to humidity and
sweat. They will also be resistant to corrosion caused by
household products.
Despite
the change in technology, however, Barbadians probably will not
notice any major difference between the new coins and the
existing ones. “The new coins will be almost identical to
those currently in circulation, except that they will be shinier
and slightly lighter,” explained Springer.
Initially,
both coins will be in circulation simultaneously, however, the
older coins, which are marked “2006” or earlier, will
gradually be removed from circulation.
“We
are working with the relevant players including the commercial
banks, the vending industry and the mint to ensure the smoothest
possible changeover.”
March 15,
2007
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