ALLEGATIONS ON THE MELTING OF ZAMBIAN COINS
The Bank of Zambia wishes to inform members of the public that it has received reports that some unscrupulous individuals are buying 50n coins with the issue date 2013 from the public, with a view to melting these for their alleged metal content.
The Bank hereby wishes to advise the general public that the intrinsic value of the four coin denominations currently in circulation, namely: K1, 50n, 10n and 5n is far less than their face values. This is because the coins are made of steel blanks which are electroplated.
Specifically, the 50n coin denomination is electroplated with bronze.
The general public will want to know that electroplating is the process used to change the surface properties of the steel base in all the coins with a thickness of 25 microns. This level of thickness of the plating is too thin for anyone to obtain financial value through the melting of the coins. On the other hand, steel is a common metal which can be easily obtained from scrap metal. It should, therefore, be noted that the current Zambian coins DO NOT contain pure metals such copper or gold.
Members of the public are, therefore, advised to only use coins for appropriate transactions and should urgently report to the Bank of Zambia or nearest Police Station, anyone found selling or destroying coins for any perceived extra value.
Furthermore, the general public is cautioned that it is a criminal offence to destroy currency and that anyone found committing this crime will be liable to a maximum of two years imprisonment.
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