The 'fiver' has been the smallest denomination in Switzerland since the demonetization of the 1 rappen-piece in 2007. Swissmint had advised the Swiss Federal Council to also cease the production of the 5 rappen-pieces at that time, as the production of every single coin costs 6 rappens. The Council had decided against it, however. It considered the cultural value of those coins more precious that the actual cost.