Royal Australian Mint unveils heartfelt initiative behind new $1 coin
The Royal Australian Mint has launched a new $1 coin in a world-first scheme where millions will be released into circulation.
NewsWire
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Australians could soon find a new $1 coin in their wallets, but this one has a catch and it’s for the greater good.
The Royal Australian Mint has unveiled its new Donation Dollar, a $1 coin designed to be donated to charity after 57 per cent of Australians said they would do exactly that if they found one in their coin purse or wallet.
Millions of these coins will join circulation during the next few years with the aim to release 25 million eventually or one for every Australian.
And they could appear in people’s wallets from as early as Wednesday, with three million already released into circulation.
Each of the coins feature a green centre with a gold ripple design. The hidden meaning behind the design is it is intended to act as a symbol of the ongoing impact each donation makes to those who need it most.
The mint said the scheme came in response to a difficult year for many Australians who faced the worst bushfire season on record followed by the coronavirus crisis that triggered an economic recession.
If every Australian donated their Donation Dollar just once a month, the initiative has the potential to raise $300 million annually for those who need it most.
Speaking to NCA NewsWire, chair of The Community Council for Australia and former chief executive of World Vision Australia, Tim Costello, said he hoped the scheme would promote a behavioural change among Australians.
“It’s so different to any dollar we’ve had before, and the ripples make you think, ‘Yeah I know someone is homeless, I was touched by their story on the news’,” he said.
“Suddenly, there’s a behavioural change because your compassion is being aroused and triggered just by a donation coin, suggesting the needs are ongoing and a person doesn't have to just wait.”
The Australian Generosity Report found one in five Australians would require some degree of charitable aid over the next 12 months, either for themselves or family.
Royal Australian Mint CEO Ross MacDiarmid said the proposal should tap into Australians’ “spirit of generosity”.
“Like any other one dollar coin, the cycle of a Donation Dollar is ongoing, as is its potential for positive impact,” he said.
“If every Australian donated a Donation Dollar just once a month, it has the potential to raise an additional 300 million dollars annually for those who need it most.”
Mr Costello said it was a great way for parents to explain to their children the significance of giving and how lucky they are.
“From ancient times, currency has just been an economic unit of value,” he said.
“For the first time, we have a coin that isn't just triggering economic value but triggering compassion and generosity which prompts people to think of those in need.
“It’s great for parents to teach their kids they are blessed and can keep those dollars in a piggy bank and give.”
It could take four to five years until the full 25 million coins have been released into circulation.
Originally published as Royal Australian Mint unveils heartfelt initiative behind new $1 coin