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One and two cent coins to be withdrawn


(Stock photo)

(Stock photo)

(Stock photo)

The Government is set to approve the removal of one and two cent coins from circulation nationally following local trials which have been deemed a "massive success".

The coins cost more to mint than they are worth.

Government sources have told the Irish Independent that the matter is to be brought to Cabinet tomorrow.

Five EU member states - the Netherlands, Sweden, Finland, Denmark and Hungary - have already adopted a rounding policy.

Last year, the National Payments Plan (NPP) recommended that a trial in Wexford in which one and two cent coins were taken out of circulation be rolled out nationally.

One and two cent coins go out of circulation quickly as people stockpile them.

The results of the rounding trial in 2013 showed strong support for the measure from consumers and retailers.

Retailers rounded cash transactions to the nearest five cent at the cash register, removing the need for smaller change.

Irish Independent