Australia's five cent piece on the way out

It has been 50 years since Australia swapped pounds, shilling and pence to dollars and cents, and the five cent piece may not last much longer.

Australia's five cent coins are on the way out.

On the 50th anniversary of the introduction of decimal currency, Royal Australian Mint CEO Ross MacDiarmid has predicted the five cent piece will stop being produced over the next five to 10 years.

"I think the five cent piece is almost dying a natural death," he told ABC TV on Sunday.

Demand for five cent pieces has halved over the last five years.

Australia moved from pounds, shillings and pence to dollars and cents on February 14, 1966.