Australia’s newest $1 coin was made specifically to be donated, but it remains to be seen how many people take that to heart.
The Royal Australian Mint has coined the ‘Donation Dollar’, a green-centred version of the currency, in time for International Day of Charity on September 5.
‘Give to help others’ is engraved on the gold coin.
The Mint expects three in five Australians to donate the $1 coin when they see it amongst their change.
The Royal Australian Mint has coined the ‘Donation Dollar’, a green-centred version of the currency, in time for International Day of Charity on September 5
If all Australians donated the coin then an eye-watering $300million a year would be raised for those less fortunate, Business Insider Australia reported.
‘The Royal Australian Mint has a rich heritage of producing coins to meet the needs of every Australian,’ Royal Mint CEO Ross MacDiarmid said in a statement.
‘So we’re extremely proud to introduce the world’s first Donation Dollar and tap into the Australian spirit of generosity.
‘Like any other one dollar coin, the cycle of a Donation Dollar is ongoing, as is its potential for positive impact.’
The Mint is set to produce 25million coins, one for every Australian resident, to help those in need. Three million of the coins were released on Wednesday.
The Mint expects three in five Australians to donate the $1 coin when they see it amongst their change (stock)
It was estimated that more than 80 per cent of Australians have donated money to charity or a cause in the past year, but 70 per cent admitted they often forgot or lacked time to do so.
The twin shocks of coronavirus pandemic on the heels of a catastrophic bushfire season triggered an upswell of generosity peaking in December.
However, a report by JBWere estimates donations will fall 18 per cent over the next two years due to the economic fallout of COVID-19.
Australia has about 57,000 charities and not-for-profits all vying for attention.
It is hoped that the Donation Dollar will prompt people to change their behaviour and donate smaller amounts more often, not just in times of crisis.
CCA chair Tim Costello said the Donation Dollar arrives at a time when many Australians needed a helping hand.
‘There’s no doubt in my mind this is a gift that will benefit those who are most vulnerable in our nation,’ he said.