Oct 29, 2015
Download the article
Click here to print
Text size
aA+ aA-

Ireland begins coin rounding ahead of 1 and 2 cent coins phase-out

Oct 29, 2015

A new scheme was introduced on Wednesday to reduce the circulation of low-denomination euro coins in the Republic of Ireland, with the goal of permanently discontinuing their use. From now on, customers will have their change rounded to the nearest five cents if they consent.


The nationwide policy, which will only be applied to cash transactions, aims to discontinue the use of 1 and 2 cent coins as the cost of producing them exceeds their value and experts claim they end up stored in people’s homes.

It follows a successful trial in Wexford in 2013 and other similar policies rolled out in other EU countries, such as the Netherlands, Sweden, Finland, Denmark and Hungary.

Since it joined the Eurozone in 2001, Ireland has spent €37 million minting one and two cent coins and has issued some 2,454,465,931 units.

The low-value copper coins will remain legal tender during the initiative.

Copyright © 2023 FashionNetwork.com All rights reserved.