Rumors circulated on social media about the Central Bank of Egypt’s plans to issue new 5-pound plastic coins. This measure aims to continue the expansion of printing coins made of “polymer” material for the lowest monetary denominations, known as “fakeh.” This step comes as a prelude to generalizing the use of plastic coins to all other monetary denominations, in amounts of 50, 100, and 200 pounds.
Plastic currencies have many advantages over paper currencies, including:
Damage resistance and easy cleaning. Up to 5 times longer life than banknotes. Counterfeiting resistance. Ease of printing and handling.
It is noteworthy that the Central Bank of Egypt began issuing plastic coins in 2022, when it issued a plastic coin of 10 pounds. It is expected to start issuing plastic coins of other denominations in the near future.
The issuance of plastic coins would contribute to improving the quality of the Egyptian currency and enhancing citizens’ confidence in it. It will also help reduce counterfeiting and save the state money.
Pictures of the new five pounds
Major General Abd al-Raouf Farouk, head of the Mint Authority, said that the 5-pound coin is not circulated in general circulation, but rather a commemorative coin, and it is usually dealt with as a gift or grant. This currency is presented by the Egyptian Sports Federation and sports companies to the individuals who deal with them.
Farouk explained that any company can obtain commemorative coins after submitting an application to the Mint Authority. The qualifications and business activities of the company are verified, and after the application is approved by the Chief of Finance and the Mint, commemorative coins are issued to the company.
Farouk pointed out that the commemorative coins are made of high-quality materials, distinguished by distinctive designs, and presented as gifts of great moral value. It is also a rare collectible that many people want to own.
It is noteworthy that the Mint Authority is one of the bodies affiliated to the Ministry of Finance, and it is responsible for issuing coins and banknotes in Egypt. The interest was established in 1864 and is located in the city of Cairo.
The authority issues coins of various denominations, in addition to banknotes of various issues. The Authority also issues commemorative coins that are presented as gifts or grants on various occasions.
Adviser to the head of interest
Aisha Ali Ibrahim, Advisor to the Head of the Mint Authority, talked about the commemorative coins that were chosen by the Football Association and sports companies.
She explained that the categories of commemorative coins are determined at the request of the entity that wishes to own a commemorative coin of its own, as the categories differ in terms of size, weight and cost.
Aisha indicated that 1,200 five-pound coins were issued. 200 currencies have been allocated to the Football Association and companies to present them as gifts to those who desire them. As for the other 1000 currency, it was sold to the public through the public interest of the state to those who wish to buy it, but it is not considered a legal means of trading in the market.
Aisha mentioned that there are a number of commemorative coins that were issued on many different occasions and that are not dealt with in the same way as the rest of the official currencies.
Among these commemorative coins, we can mention “the coin marking the 150th anniversary of the establishment of Khedive Cairo,” the coin of King Faisal, the coin of the Air Force, the coin of the Biography and Sunnah, the coin of Abd al-Halim Hafez, and the coin of Umm Kulthum.
The advisor to the head of the authority stated that the “Suez Canal currency” is considered a legal currency and is dealt with in the market.
2023-08-12 10:30:21
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