In 1968, the Royal Australian Mint had a problem on its hands. The fifty-cent coin had begun disappearing from circulation. The trouble started when silver prices on the London market jumped to 112 pence an ounce.
When it was first minted in 1966, the round fifty-cent piece – the only circulating Australian coin with real silver in it – contained around 40c worth of silver. By 1968, that value had increased to almost 58c.
It was thought that one reason for the coin’s disappearance was smuggling. Although customs officials had reported their hauls consisted mainly of pre-1946 coins, it was feasible that smugglers were sending the money to lucrative offshore markets to be melted down.
The mint introduced the current twelve-sided, copper/nickel coin the month after this report aired. It was considered an improvement not only in alloy but in design, given the former coin's similarity to the twenty-cent piece.
This story aired on the ABC’s ‘This Day Tonight’ on 29 February 1968.
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