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Recalled coins worth more than HUF 2 bln have yet to be returned

Although HUF 1 and 2 coins have not been used for exactly three years, people still might have coins worth HUF 2 billion with them in pockets and purses, the National Bank of Hungary (MNB) said.

The coins’ circulation was discontinued on March 1, 2008. The MNB’s monetary council argued that most of the coins were hardly used, they ended up lost and therefore did not take part in the cash flow. Since prices of precious metals grew worldwide coin production also meant remarkable additional costs for the central bank operating from public money, causing extra costs therefore for the country.

Three years later, MNB said the withdrawal of HUF 1 and 2 coins saved HUF 3.5-4 billion yearly. MNB sold the withdrawn coins as metal waste on international tenders, collecting HUF 1.2 billion. There could still be another 846 million pieces of HUF 1 and 663 million pieces of HUF 2 with people according to the central bank’s data. The overall value of these is HUF 2 billion 172 million.