October 27, 2010 | Leave a comment The Australian 5 cent coin was first minted in 1966 with an initial mintage of 75.427 million, with very few of these still in circulation. There are no commemorative coins for this denomination. This coin has the highest mintage of any current coins and doesn’t circulate well because of its value, like the 1 eurocent. The lowest minted year is 1972 with 8.25 million coins and the highest was 2005 with 194.3 million , and the average today is 80 million coins per year. No coins were issued in 1985-86 with the former valued at A$30 uncirculated. There has been some debate about removing this coin from circulation, like in the New Zealand dollar mainly as stated for its low value and high costs, and on May 23, 2009, Fairfax newspapers reported that the Royal Australian Mint planned to scrap the coin. In May 2007, owing to the high market value of copper and nickel, the bullion value of the coin was about 6.5 cents, though there were no reported cases of hoarding or melting down of the coins despite the apparent 30% gross profit to be made from doing so.