In a rare move, the Central Bank of Kenya (CBK) has invited bids for the disposal of 281 tonnes of old, mutilated, and withdrawn coins, aiming to clear its vaults of "dead capital" and generate revenue from the scrap metal.

The colossal sale involves coins that have been withdrawn from circulation over the years or damaged beyond recognition. To put it in perspective, 281 tonnes is roughly the weight of 40 adult African elephants. The disposal marks a significant logistical exercise in currency management.

Treasure or Scrap?

While the face value of the coins is not the selling point, the metallic content—likely a mix of copper, nickel, and steel—makes this a lucrative tender for scrap metal dealers and smelters.

• Security Protocols: The CBK has set strict conditions to ensure the coins are defaced or smelted so they cannot re-enter the economy as legal tender.
• Efficiency Drive: The sale is part of a broader cleanup of CBK assets. Holding onto non-functional currency incurs storage and security costs.
• The Process: Interested bidders have a narrow window to view the "goods" and submit their offers. The successful buyer will be responsible for the secure transport and destruction of the cache.

A Sign of the Times

The disposal also reflects the changing nature of money. With digital payments (M-Pesa) dominating, the velocity of physical coins is slowing. This auction is, in a sense, a funeral for the analogue era of commerce.