Chile's mint has sacked its managing director after he sent thousands of coins into circulation that had the country's name spelled incorrectly.

The 50-peso coins, worth around 10 U.S. cents each, were issued in 2008 with Chile spelled "Chiie" - an error that was not noticed until late in 2009.

"Director Gregorio Iniguez has been fired over a series of issues, including the misspelled coins, which have brought the institution into disrepute," a mint official revealed last year, revealing the information on condition of anonymity.

"Some of the coins are still in circulation. They still carry their full value. Some collectors are buying them up because they feel they are rare," the official explained.

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