CAN you imagine paying three coins fare for a short taxi trip? This will soon become a fact of life by the end of June when Egyptian one pound paper notes and LE0.5 are replaced with coins of the same worth, Eman Youssef reports. The new coins are already being circulated on a small scale. One pound coins are engraved with the picture of King Tutankhamen while LE0.5 coins feature Queen Cleopatra. The Central Bank of Egypt (CBE) took the decision to replace paper currency with coins in order to provide a longer lifespan for the two most frequently exchanged yet perishable denominations. The poor paper quality notes usually end up torn and plastered in order to circulate longer. Ahmed Saad, head of the Mint Authority, says that the estimated duration of paper currency is six months while coins can remain in good shape for over 15 years. Saad told Al-Ahram Weekly that the CBE is "following in the footsteps of the euro and sterling pound, where small denominations are circulated in coins." The switch from paper to coins might expectedly take some time to be accepted by a public long used to dealing with one coin notes, and which regards coins as small change. However, one pound and LE0.5 notes might also gain a new worth as souvenirs to be traded by currency collectors.
