UNITED STATES: NEW YORK CITY STRUGGLES TO DEAL WITH LARGE NUMBER OF FOREIGN COINS LEFT IN CITY'S PARKING METERS

Record ID: 337635

  • Title: UNITED STATES: NEW YORK CITY STRUGGLES TO DEAL WITH LARGE NUMBER OF FOREIGN COINS LEFT IN CITY'S PARKING METERS
  • Date: 22nd June 1998
  • Summary: NEW YORK CITY, UNITED STATES (JUNE 22, 1998) (RTV - ACCESS ALL) 1. SV CAR PULLING INTO A METRED PARKING POSITION; DRIVER EXITS 0.24 2. CLOSE-UP METRE SHOWING ONE HOUR TIME LIMIT REGULATION ON CAR AND PLACES TWO COINS IN THE METER 0.29 3. CU VIEW OF U.S. QUARTER, WORTH 25-CENTS 0.34 4. SCU NON-U.S. COINS FOUND IN NEW YORK CITY PARKING METRE
  • Embargoed: 7th July 1998 13:00
  • Keywords:
  • Location: NEW YORK CITY, UNITED STATES
  • City:
  • Country: USA
  • Reuters ID: LVA2606JRAK9FQD23T5PWFXX5YMN
  • Story Text: New York City's cosmopolitan reputation may be a source of pride to its residents, but it also proving a headache for city officials trying to dispose of foreign coins illegally used in parking meters.

    It is an illegal act to place non-United States currency in a parking metre in New York City, but almost impossible to stop people from doing it.

    As a result, New York City has 1.75 million coins from countries around the world collecting dust in a city vault, according to spokesman Dave Billig.In addition, the city loses money because each coin represents 25 cents, in U.S.

    currency, and the value of the non-U.S.coin is almost always less than a U.S.quarter.Also in the mix are tokens for various services such as games, peep shows, and transportation in other cities.

    Exchanging the coins for U.S.currency is too tedious, and not cost-effective, so the city wishes to auction them off.

    But so far there has been no interest, Billig says.The city was asking a minimum bid of one dollar a pound for the 17,500 pounds of coins.

    These coins have been collected since 1994, when the city last auctioned its foreign coins.

    Canadian coins are exchanged for cash.

    New York City is increasingly using electronic parking meters that will not take a coin other than U.S.currency.
  • Copyright Holder: REUTERS
  • Copyright Notice: (c) Copyright Thomson Reuters 2015. Open For Restrictions - http://about.reuters.com/fulllegal.asp
  • Usage Terms/Restrictions: None
Register