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Silver Coin Withdrawal On Hold Indefinitely

December 24, 2004

THE Central Bank’s plans to withdrawsilver coins from circulation are onhold until further notice, according totreasury director Ricardo Rodríguez.“Initially, the bank’s board of directorshad chosen Jan. 1, 2005, as the date forwithdrawing silver coins,” Rodríguez toldThe Tico Times.“However, as a result of the biddingprocess (for the production of new, gold-coloredcoins), we became aware of costsinvolved in the production of gold-coloredcoins.“Therefore, the board decided to suspendthe withdrawal of silver coins whilewe conduct further cost studies,” he added.Foreigners are often confused becauseCosta Rica currently uses both silver- andgold-colored coins for ¢5 and ¢10, silverfor ¢20, and gold-colored for ¢1, ¢25,¢50, ¢100 and ¢500. The latter replaced¢500 bills last year.The Central Bank has not issued silvercoins in nearly six years, and announcedin February they would be withdrawnfrom circulation (TT, Feb. 6).

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