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16/06/2015
Govt Consider Abolishing One And Two Cent Coins
One and two cent coins could be phased out as the government consider expanding a trial already carried out in Wexford.
Under the scheme, prices are rounded to the nearest five-cents.
Fine Gael's Catherine Noone made the call last week for the scheme to be extended.
"This announcement comes after my call for the recent Wexford trial to scrap one and two cent coins to be expanded nationally last week, and I am glad to see this is being considered," Senator Noone said.
"It's clear at this stage that people just are not using one and two cent coins, most of them are hoarded and go out of circulation quicker than we can mint them. One cent coins cost more to make than they are actually worth.
"If the Cabinet agrees on the move, we are going to see this trial expanded to a national basis, I understand. I also believe that one and two cent coins will still be legal tender for the duration of this trial, and the system will work on a purely voluntary basis. I am confident that, like with the Wexford trial, where 85% of consumers expressed satisfaction, this national trial will also be a success.
"If the Cabinet agrees on this change, the Central Bank will have responsibility, and I would hope will give us clarity in terms of the timeline of this project. I am also interested to know if one and two cent coins will continue to be minted throughout this time. It would be good to realise savings from this project as soon as possible, so the sooner minting stops, the better, as it costs almost two cents to mint each one cent coin."
(MH/CD)
Under the scheme, prices are rounded to the nearest five-cents.
Fine Gael's Catherine Noone made the call last week for the scheme to be extended.
"This announcement comes after my call for the recent Wexford trial to scrap one and two cent coins to be expanded nationally last week, and I am glad to see this is being considered," Senator Noone said.
"It's clear at this stage that people just are not using one and two cent coins, most of them are hoarded and go out of circulation quicker than we can mint them. One cent coins cost more to make than they are actually worth.
"If the Cabinet agrees on the move, we are going to see this trial expanded to a national basis, I understand. I also believe that one and two cent coins will still be legal tender for the duration of this trial, and the system will work on a purely voluntary basis. I am confident that, like with the Wexford trial, where 85% of consumers expressed satisfaction, this national trial will also be a success.
"If the Cabinet agrees on this change, the Central Bank will have responsibility, and I would hope will give us clarity in terms of the timeline of this project. I am also interested to know if one and two cent coins will continue to be minted throughout this time. It would be good to realise savings from this project as soon as possible, so the sooner minting stops, the better, as it costs almost two cents to mint each one cent coin."
(MH/CD)
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Govt Consider Removing One And Two Cent Coins
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