Press Release: Public Update on the Conclusion of the Penny Redemption Exercise
Published: Monday July 26th, 2021
Public Update on the Conclusion of the Penny Redemption Exercise
The Central Bank of The Bahamas advises that it has concluded its penny redemption programme.
In January 2020, the Central Bank announced via print, radio, and social media that it would decommission the one-cent coin on 31st December, 2020, and that the coin would be redeemable (although not spendable) until 30th June, 2021. As such, on 1st October, 2020, the Central Bank commenced its redemption-by-weight initiative, providing a nine-month window for members of the public to receive value for their pennies. This was in addition to members of the public being able to deposit the coins to their bank accounts.
The 118-day redemption exercise was facilitated by Central Bank representatives at various locations in New Providence, Grand Bahama, Exuma, Eleuthera, Long Island, Abaco, and Andros. Other family island redemptions were facilitated through arrangements with Island Administrator Offices. During the exercise, 8,440 persons redeemed approximately 55.74 million pennies valued at $557,400.
The Central Bank acknowledges that a sizeable amount of the coins that were not redeemed by the public are unlikely to be in anyone’s possession inside The Bahamas. Over the last half century, more than 700 million one-cent coins were issued to the public. Although some are still held by locals, others have been either lost or permanently taken out of the country by travellers, whether intentional or not. The Bank will share more analysis on these particulars in due course.
The Central Bank thanks the public for its support and patience during the penny redemption exercise.
26th July, 2021
