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€3.5m cost of minting copper coins makes no cents
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€3.5m cost of minting copper coins makes no cents

It's costing taxpayers a pretty penny to mint those annoying copper coins that few people use.

 

New figures obtained by the Sunday Independent reveal it costs more than €3.5m to produce 1c and 2c coins that end up being hoarded.

And an estimated €35m worth of 1c and 2c coins are currently stashed away in penny jars across the country, costing the economy more than €10m a year in production, distribution and handling costs.

Since Ireland joined the Eurozone in 2002, the Irish mint in Sandyford, south Dublin has pumped out more than 1,074 million 1c coins and 906 million 2c coins, or approximately 1,500 coins per family over the past decade.

The problem of hoarding - which is due mainly to the low value of the coins - has prompted the Central Bank to issue an appeal to the Irish public this week to either spend the coins or donate them to charity because they are now in short supply.

 
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