Business

Friday 22 August 2014

Majority of Irish people sick of counting pennies - and vote in favour of withdrawal of 1c and 2c coins

Charlie Weston

Published 14/03/2014 | 11:05

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A new national survey shows that the majority of Irish people favour the withdrawal of 1c and 2c coins.

There is strong support among consumers and retailers to get rid of small coins.

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A new national survey shows that they favour the withdrawal of 1c and 2c coins.

Some 85pc of consumers who were surveyed said they were in favour of extending the rounding initiative nationwide.

The survey follows a pilot programme in Wexford where prices in shops were rounded to the nearest 5c at the cash register.

The Central Bank has now recommended the roll out of a voluntary scheme aimed at cutting the use of 1c and 2c coins.

The plan received overwhelming support in Wexford. It would mean that retailers round all cash transactions to the nearest 5c at the cash register, removing the need for 1c and 2c coins in change.

The idea is to get rid of small denomination coins because they go out of circulation quickly due to stockpiling.

Each 1c coin costs 1.3c to mint so there would be significant savings to the Exchequer, if the coins were eventually withdrawn.

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