As we reported recently, the penny has overstayed its welcome and probably won't be long for this economy. But what happens to coins that aren't legal tender anymore?

In Ethiopia, they become designer jewelry.

The Maria Theresa thaler was a coin first minted in the Austro-Hungarian Empire in the early 1740s. It was one of the first coins used in the U.S. ("thaler" gives us "dollar") and in some parts of the world it's used as a trade currency. Between 1751 and 2000, around 389 million were minted worldwide - in silver bullion.

As with gold (see Carlie's eco gold post), silver is eminently recyclable. That's why Ethiopian silversmiths have chosen to use melted-down Maria Theresa thalers as the raw material for their ornate, filigreed silver pendants and fine chains, distributed by One World Projects. In 925 Sterling silver and a variety of designs, they'll catch both sun and eye - and make you look a million thalers.

Note: prices quoted at One World Projects may change due to changes in rates for worldwide silver.

Images: pendant One World Projects; coin Carlomorino