126 million coins out of circulation
Published 19/09/2016 | 02:30
Eight out of 10 retailers are rounding shopping tallies to eliminate the need for 1c and 2c coins, according to a survey carried out by RGDATA among its members.
The Central Bank launched a voluntary scheme to phase out use of the low denomination coins almost a year ago. Research published today shows 93pc of people back the scheme.
As a result of rounding, between October 2015 and August 2016, 126 million unwanted coins have been lodged with the Central Bank and the costs of minting replacement coins has fallen. Uniquely, 1c and 2c coins costs more to make than they are 'worth' as currency.
Under the scheme, rounding takes place on the total bill, not on individual prices, and only applies to cash transactions.