Getting Rid of 1 cent and 2 cent Coins
In Ireland the one and two cent coins are not actively used by consumers and are expensive to produce . In other EU countries including the Netherlands and Finland, low denomination coins have effectively been removed from circulation through the use of the rounding rule.
With this rule, goods and services are still priced in multiples of one or two cent but are rounded up at the till. For example a total bill of €56.21 is rounded down to €56.20 while a bill of €56.23 is rounded up to €56.25.
The Central Bank announced back in July that Wexford Town has been chosen as the location of a 1c and 2c Rounding Trial.
The Trial will run in Wexford town from September 16th 2013 to Nov 17th . About 230 businesses have signed up to participate in the trial and only cash transactions will be rounded. Participation by consumers in the Rounding Trial is voluntary. If you do not want to participate simply tell the cashier.
The Government’s view on whether to roll out the Rounding Trial nationally will be informed by the outcome of the Wexford Town Rounding Trial.