Five cent piece likely to be chopped in near future

The five cent coin will likely stop being produced in five to ten years, due to waning demand.

The head of the Mint made the comments as the 50th anniversary of decimal currency was being marked by an open day, attended by a reported 10,000 people.

"We've seen a halving of the demand for five cent pieces over the past five years and our expectation is that it will just simply progress, it's lost its utility, it will lose interest from the public," the Royal Australian Mint chief executive, Ross MacDiarmid, told the ABC at the weekend.

Assistant minister to the treasurer Alex Hawke said that inevitable forces would were at work.

"We can foresee a time in the near future where [the five cent coin] will be removed from circulation,” he told Fairfax