Is This Bye Bye to the Irish 1 and 2 Euro Cent Coins?

Is This Bye Bye to the Irish 1 and 2 Euro Cent Coins?

RELEASE DATE
23 Oct 2015

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The Bank of Ireland has announced the introduction of 'Rounding' in Ireland. At the end of this month, cash transactions may be rounded up or down to the nearest 5 cents, potentially eliminating the use of the smallest coins after 28th of October 2015.  

Ireland is not the first country following this process, as other European countries like Belgium, Denmark, Finland, Hungary, The Netherlands and Sweden have already eliminated their smallest denomination coins. After a successful trial in 2013 in Wexford, the Bank of Ireland received overwhelmingly positive feedback from customers and retailers, welcoming the introduction of 'Rounding'.​ ​

Eurocoin customers and clients involved in payment transactions and processing should note some important features of this new system:

  • Rounding will be applicable only to cash payments. For example, a bill of €10.21 or €10.22 will be rounded to €10.20 and a bill of €10.23 or €10.24 will be rounded to €10.25
  • Rounding is entirely voluntary for consumers and retailers
  • Rounding does not apply to debit or credit card transactions
  • The 1 and 2 cent coins remain in circulation as legal tender
Some 2,454,465,931 1 cent and 2 cent coins have been issued in Ireland since the introduction of the euro, with a total value of €37 million​. The Irish 1-cent piece costs the government €1.65 cents to produce, and the 2-cent coin, €1.94 cents. Eliminating these smaller coins could ultimately save taxpayers’ money, effectively leaving the 5 cent coin as the cheapest monetary unit in the nation from 28th October 2015. 
Will it really be 'Bye Bye' to the 1 and 2 Euro cent coins....? We'll be keeping you up to date with developments on the Eurocoin News Blog.
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