Ireland latest eurozone country to ditch one and two cent coins

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Ireland latest eurozone country to ditch one and two cent coins



DUBLIN: -- Ireland has become the latest eurozone country to phase out one and two-cent coins from circulation.

It joins six other European nations to move away from small copper which is too expensive to produce.

The Central Bank of Ireland is sending out information to thousands of businesses about the initiative, which follows successful trial periods.

As from October 28 which has been designated Rounding rollout day, the total amount of any cash transaction will be rounded up or down to the nearest five cents.

The scheme will be voluntary, with shops and customers encouraged to take part.

The overall cost of producing the small coins has become prohibitive.

A one-cent coin costs well above its value (1.65 cents); a two-cent coin almost as much (1.94 cents).

They will however remain legal tender, and people will still be able to exchange them in banks.

Ireland’s Central Bank said 2.5 billion of the coins had been made since the euro was introduced – enough to go round the island seven times.

The bank has predicted that retailers and consumers will welcome the change but some charities are concerned that the withdrawal of small coins will hit donations.

The country now joins Belgium, Denmark, Finland, Hungary, the Netherlands and Sweden who have all adopted a similar policy, aimed at reducing the taxpayer’s bill.


-- (c) Copyright Euronews 2015-10-20

[stoneyboy]

You know the world is in the $hit when the currencies your producing cost more than its face value.

[godden]

Don't take them to the bank sell them as scrap.

[Seastallion]

You know the world is in the $hit when the currencies your producing cost more than its face value.

I take your point, but it's shallow reasoning. It's the metal and the minting that costs. Paper money is cheap to produce, but since nothing costs 1 cent, it's not worth printing 1 cent bills, even though the bills would cost less to produce....thus make the coins redundant. If there were discreet items worth one cent, then that's a different matter, but there is not.

NZ got rid of it's one and two cent coins years ago.

A whole shakeup of the world's currencies is needed. There are too many countries with three or four (or more) redundant zeroes on their currency. I went to Vietnam a couple of weeks ago, changed NZ$300, and became an instant multi multi millionaire.

[Seastallion]

I hope Thailand will scrap the satang

[fakename]

The US needs to scrap the one cent coin also, but logic is not very high on their agenda.

[bangon04]

So every supermarket which currently prices special offers at 3.99 will now change it to 3.95???? Unlikely I would think.