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Phase out of one and two cent coins in Ireland
Coin Collecting News

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A scheme aimed at reducing the number of one and two cent coins in circulation in Ireland is under way. Rounding if one and two cent coins will be conducted on a voluntary basis, meaning customers can opt out and ask for the exact change ...

Phase out of one and two cent coins in Ireland

 

A scheme aimed at reducing the number of one and two cent coins in circulation in Ireland is under way.

From Wednesday 28th October 2015, customers will have their change rounded to the nearest five cents.

The Central Bank says that rounding will only be used in cash transactions.

Rounding if one and two cent coins will be conducted on a voluntary basis, meaning customers can opt out and ask for the exact change. One and two cent coins will remain legal tender. Since the euro was introduced in 2001, Ireland has spent €37m issuing one and two cent coins.

A one cent coin costs 1.65 cent to produce, and a two cent coin costs 1.94 cent. The introduction of the rounding scheme follows a trial in Wexford in 2013 and similar measures in The Netherlands, Sweden, Finland, Denmark, Hungary and Belgium. The Central Bank says it expects the initiative to be quickly supported.

This is aimed at reducing the number of one and two cent coins in circulation.

 

 
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