Still have an old, golden-coloured 50 Georgian tetri coin in your wallet? Well, you should spend it now, as these coins will soon be demonetised and will lose their status as legal tender.
The National Bank of Georgia (NBG) is already warning people that the end of the old 50 tetri coins, first issued in its current shape and size in 1995, is nigh.
Starting from January 1, 2018 these 50 tetri denominations will lose legal tender status and their use as payment.
After that date, retailers are not obliged to accept them, announced the NBG today.
From 2018 and within one year it will be able to exchange old 50 tetri coins with the new ones in any commercial banks in Georgia and in the cash centre of the NBG. But from January 1, 2019, it will be only available to exchange these coins at the NBG’s cash centre,” read the press release from the NBG.
The Georgian 50 tetri denomination coin entered circulation in 1995. "Tetri,” the name for 1/100 of the Georgian national currency, the lari, derives from a Georgian term from the 13th Century.
The front side of the old 50 tetri features the Gryphon which is on the eastern facade of the 11th Century Samtavisi church, with the denomination numeral "50” and the Georgian inscription "tetri” underneath. The edge of the coin is circled with a plant ornament.
Meanwhile, the back side features Borjgali (a symbol of the sun) and the date of mintage (1993) with Georgian and English language marginal legends "საქართველოს რესპუბლიკა” and "REPUBLIC OF GEORGIA.”
In 2006, the NBG issued coins of a new modification in the denominations of the 50 tetri and the one and two lari.
The new modification of the 50 tetri coin. Photo: NBG.
The new coins are produced with the latest technologies at Austrian, Dutch, and British mints. The old one and two lari paper tender does not circulate any more. As for the new modification of the 50 tetri coin, it still circulates in parallel with the old coins of the same denomination. But as noted, this will be changed from January 2018 and the old coins will not have legal tender value any longer.
As for the new modification of the 50 tetri coin, its front side features the denomination numeral "50” and the legend "თეთრი.”
The back side features the coat of arms of Georgia surrounded with a symbolic image of the sun with beams. The legend "საქართველო” and the date of issue (2006) are under the coat of arms.