Central Banking

Austrian mint ready to recycle notes and coins

AUSTRIA - Austrian federal mint Muenze Oesterreich, a subsidiary of central bank Oesterreichische Nationalbank (ONB), is preparing to begin melting down schilling coins following the introduction of the euro on 1 January.

The schilling-denominated coins being withdrawn from circulation weigh a total of 9,000 tonnes, roughly equivalent to the weight of the Eiffel Tower in Paris.

Dietmar Spranz, chairman of Muenze Oesterreich, said that the recycled coins would be sold to scrap metal dealers afte