The 5 agorot coin will gradually be taken out of circulation, the Knesset Finance Committee decided Tuesday. Bank of Israel, on whose recommendation the committee made its decision, is expected to save NIS 1.7m, due to the fact that minting the coin costs 16 agorot, over three times its value.
The Bank of Israel recommendation was also prompted by a Dahaf Institute poll, which showed that 80% of the public was in favor of taking the coin out of circulation.
Banks will be accepting the public's defunct coinage until 2011.
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