Ireland set to ditch one and two cent coins
Small copper change is on its way out in much of Europe, with Ireland the latest country to drop one and two cent coins from circulation.
From the end of October, retailers will round up or down to the nearest five cent as smaller coins are phased out.
The country joins six other EU nations which have already adopted a rounding policy, including Belgium, Denmark, the Netherlands and Sweden.
The Central Bank of Ireland said one-cent coins, worth about 0.7p, cost more to mint than their equivalent face value: a one cent coin costs 1.65 cents to produce, while the two cent coin costs 1.94 cents.
The phasing out of the one and two cent coins means that the five cent coin – worth 3.7p – will be Ireland’s smallest unit of exchange.
Shops and supermarkets will still be able to price goods at 99 cents or €1.99, for example, but will only give cash change to the nearest five cents. The rounding will only apply to cash transactions, with electronic payments still accepted in one cent increments.
The phasing out of the coins follows a trial in Wexford in 2013, which showed that 85% of consumers and 100% of retailers were happy with rounding.
More from the source: Ireland set to ditch one and two cent coins | Money | The Guardian
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Small copper change is on its way out in much of Europe, with Ireland the latest country to drop one and two cent coins from circulation.
From the end of October, retailers will round up or down to the nearest five cent as smaller coins are phased out.
The country joins six other EU nations which have already adopted a rounding policy, including Belgium, Denmark, the Netherlands and Sweden.
The Central Bank of Ireland said one-cent coins, worth about 0.7p, cost more to mint than their equivalent face value: a one cent coin costs 1.65 cents to produce, while the two cent coin costs 1.94 cents.
The phasing out of the one and two cent coins means that the five cent coin – worth 3.7p – will be Ireland’s smallest unit of exchange.
Shops and supermarkets will still be able to price goods at 99 cents or €1.99, for example, but will only give cash change to the nearest five cents. The rounding will only apply to cash transactions, with electronic payments still accepted in one cent increments.
The phasing out of the coins follows a trial in Wexford in 2013, which showed that 85% of consumers and 100% of retailers were happy with rounding.
More from the source: Ireland set to ditch one and two cent coins | Money | The Guardian
Next stop - People's QE:
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