Rounding trial: Wexford begins bid to stop using 1c and 2c coins
Shoppers in Wexford Town will stop using one and two cent coins from today, in a trial that could see them removed from circulation nationwide.
The two-month-long ‘Rounding Trial’, run by the Central Bank, plans to assess the reaction of both consumers and retailers once the coin experiment comes to an end.
The Government will have the final say on whether the scheme will be taken any further.
During the trial, prices will be rounded to the nearest five cent.
‘Rounding’ only applies to cash transactions, not to credit card, electronic or cheque payments.
In the case of a multiple shop, when two or more items are purchased, it applies only to the total transaction bill, not to individual items.
According to the Central Bank, the case for ‘Rounding’ for both consumers and businesses is positive.
Their pre-trial research claims the smaller coins are “inconvenient to handle and carry” and the cost of making the copper coins is greater than their value and has a negative impact on the environment.
Ireland could be following in the steps of successful “rounding” countries of Finland and the Netherlands.
The trial in Wexford Town will continue from today until November 17.