The 5¢ piece is costing Australia a fortune. Here's why

Armaguard chief executive Matt Caulfield, whose company is responsible for the safe storage and transport of about 90 per cent of the country's cash, wouldn't mind if he never saw a coin again.

Armaguard boss Matt Caulfield, whose company is trusted with the safe storage and movement of about 90 per cent of the nation’s money, couldn’t be happier if he never clapped eyes on a coin again.

“Coins are very heavy relative to their value,” he says. “Our operations, including storing and processing coins, are complex, cumbersome and expensive to operate.”

The 5¢ piece costs the nation the most to produce. In September 2022, Royal Australian Mint boss Leigh Gordon said it cost more than 12¢ to make each coin.

The Mint produced more than 110 million Australian coins in 2022-23, dropping to about 47 million in 2023-24. Credit: Matt Davidson

But while only 18,700 5¢ pieces were ordered from the Mint in 2023-24, it produced 10 million more of the coins this year – now adorned with the image of King Charles.

Apart from coins stashed in shops and ATMs, or lost down the side of couches and under beds, most of Australia’s cash sits in Armaguard’s secure facilities and armoured vehicles.

“We’re like Uber for cash,” Caulfield says. But he’d much rather be ferrying banknotes than coins.