Coin collectors will be the only
people to appreciate the Czech 50-heller coin
after Sunday, August 31. The Czech National Bank
(CNB) has announced that their country’s
smallest denominated coin will no longer be
legal tender starting in September.
"The main reason for this decision is that
50-heller coins are ceasing to fulfill their
function as circulating currency," said Pavel
Rezabek, Chief Executive Director and Member of
the CNB Bank Board.
Rezabek has said there are a total of 410
million 50-heller coins currently in
circulation. With a population of 10.3 million
people, every man, woman and child could have 41
Yet, no one likes to use the coins in daily
transactions. Only a reported 10% make their way
back to the central bank.
The Czech Republic is experienced in eliminating
smaller denominated coins, having pulled the
10-heller and 20-heller coins as legal tender in
2003. And like other countries who have tossed
their smallest coin to history, inflation and
other feared consequences have not been a
"As previously, it will still be possible to
state prices of goods and services in hellers
and multiples thereof. The current practice will
remain unchanged and only the final sums for
cash payments will be rounded to whole korunas.
Thus, the impact on inflation will be hardly
visible, as was the case when the 10-heller and
20-heller coins ceased to be legal tender,"
added Pavel Rezabek
"We also believe that the public will welcome
that fact that the contents of their wallets
will become easier to deal with when these
infrequently used coins disappear."
Commercial banks will accept and exchange
invalid 50-heller coins until August 31, 2009.
The Czech National Bank will accept and exchange
the coins until the end of August 2014.