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Rounding of one and two cent coins has begun

Rounding of one and two cent coins has begun

28 October 2015 Latest News National News News

The scheme aimed at reducing the number of one and two cent coins in circulation in Ireland has begun. As of today, customers will have their change rounded to the nearest five cents. According to The Central Bank rounding will only be used in cash transactions.

It 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.

The euro was introduced in 2001, and in that time Ireland has spent €37m issuing one and two cent coins. A one cent coin costs €1.65 to produce, and a two cent coin costs €1.94. The introduction of the rounding scheme follows a trial in Wexford in 2013 and similar measures in The Netherlands, Sweden, Denmark, Finland, Belgium and Hungary. The Central Bank has said it expects the initiative to be quickly supported.

Charities have called on people to donate their one and two cent coins to good causes. Retail Ireland says businesses across the country are ready for the rounding initiative scheme.

Mr Burke of Retail Ireland said it was not cost free for retailers – regarding software development and staff training especially large retailers. He said there was no evidence from the Wexford trial initiative that rounding ‘up’ would take place and that broadly the feedback there had been very positive.

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