Before the crisis, the coin used to buy many small necessities for daily use, the value of which was equivalent to a third of a dollar, but today it has become a target for collecting by coin collectors.
However, after the crisis, the value of the 500 Lebanese pound metal rose, as the holder could sell it for more than its price and in US dollars.
As for Lebanese market traders, the price of a kilo of metal for 500 Lebanese pounds has become more than 20 US dollars.
Banking risk expert, Muhammad Fahili, said in a comment to “Sky News Arabia”: “There are markets in Lebanon for the manufacture of nickel and copper, and there are some merchants who want to buy them.”
Al-Fahili added: “Nickel is sold and then melted and manufactured, and in the current circumstances, talking about this is not surprising economically and is considered a normal thing.”
On the other hand, the 250 LBP copper piece began to be transformed into women’s jewelry and accessories, and they are sold at varying prices according to size and shape in tourist market fairs this summer.
A copper dealer in the northern tourist city of Batroun told Sky News Arabia: The 250-pound piece is one of the metal pieces that are distinguished by a high value, as they are made of copper, aluminum and zinc at the same time.
He explained that “the 250-lira coin is being used with the 500-lira coin in preparing traditional or handicraft products, and in preparing metal collars or bracelets for women.”
He added: “Whoever has a quantity of these coins, sell them and get their price in US dollars, so that they turn into women’s jewelry and collars, after they lost their monetary value in buying and selling operations within the market.”
Anwar, one of the designers of the accessories, told “Sky News Arabia”: “Metal ornaments made of coins are a popular fashion this summer and women want to keep them, hence the idea of creating designs that suit their tastes in their colors and round shapes, and suit various oriental designs and abayas.” .
One of the traders in the archaeological market of Byblos pointed out to “Sky News Arabia”: What some people do not know is that the 500-pound piece consists of “nickel” and “steel” and weighs up to 6 grams, and that the price of a kilo of it exceeds 20 US dollars, i.e. The equivalent of 600,000 Lebanese pounds.
He continued, “Before the financial crisis that struck Lebanon in 2019, 250 Lebanese pounds was equal to 16 cents, but today, with the dollar reaching the threshold of 30 thousand pounds, the paper currency of 5,000 pounds is equal to 16 cents after it was equal to Previously $3.33.”
He pointed out that “the value of the bracelet, which includes a piece of 250 pounds, is 180,000 pounds, or the equivalent of 6 dollars, and the bracelet that includes a piece of 500 pounds, its price is 150,000 pounds, or the equivalent of 5 dollars.”
He pointed out that “there are many parties working to buy these coins in order to melt them and use the metals contained in them in other industries, especially copper and aluminum.”
He concluded: “The purchase of these currencies is in dollars, and it changes successively with the change in metal prices globally.”
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