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The Attrition Rate, Lifetime and Hoarding of Australian Decimal Coins
Author(s) -
Frazer Eric J.,
van der Touw John
Publication year - 2016
Publication title -
australian economic review
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.308
H-Index - 29
eISSN - 1467-8462
pISSN - 0004-9018
DOI - 10.1111/1467-8462.12170
Subject(s) - attrition , hoarding (animal behavior) , decimal , currency , statistics , arithmetic , economics , mathematics , monetary economics , medicine , dentistry , feeding behavior
Samples of Australian decimal coinage were taken in 2008 and 2012 from a major currency processing centre in Melbourne. A generic model was developed to analyse the pooled data and give separate estimates of loss, hoarding and return rates, as well as the numbers of coins in circulation, hoarded and permanently lost. For standard design coins, no particular trend in attrition rate with denomination was observed and average lifetimes were generally more than 30 years. Higher attrition rates were observed for the commemorative 20 cent and 50 cent coins versus the standard design. Hoarding was quantified for the 5 cent and 50 cent coins.