Top 10 Costa Rica

Central Bank Wants Back It’s Coins

Break out the piggy bank or the coin jar to remove all the large silver coins or “plateadas”, as they will be phased out next year.

Costa Rican banks will begin receiving in exchange of the coins during the first three months of 2010, after which the coins can only be exchanged at the Banco Central de Costa Rica (Central Bank).

TheCentral Bank informed on Tuesday that the local banks will begin receiving and exchanging en masse the ¢5, ¢10 and ¢20 large silver coins. These are the large heavy silver coins, not to be confused with the smaller and lighter silver coins that will be maintained in circulation.

The announcement to retire the coins was made last September and banks have been receiving the coins and remitting them for exchange at the Central Bank, though no mass public collection was announced,

Marvin Alvarado, director of the Tesorería del Banco Central said that beginning on January 1, the Central Bank will begin exchanging the silver coins collected by the local banks and hat beginning on April 1, 2010, the coins can only be exchanged at the Central Bank.

The Central Bank estimates that there are 205 million coins circulating, of which only 18.9 million had been recovered as of December 15.

The move, according to the Central Bank official, is to have only one size of coins in circulation. Although there will exist the the ¢5 and ¢10 gold and silver coins, they will be of the same diameter.

The Central Bank assures that is has enough coins on hand to replace the removal of the large silver coins and will begin a campaign to make the public aware of the exchange.