Tuesday 24 October 2017

Heads and tails you lose on 2c

The cost of producing a 2c coin is now. . . more then 2c.

Finance Minster Michael Noonan confirmed the cost was 2.07 cents in a written Dail response to Sinn Fein's Pearse Doherty.

Last month, a National Payments Plan published by the Central Bank proposed the abolition of the 1c and 2c coins on a pilot basis.

In that report, the cost of producing the 2c coin was put at 1.94c and the cost of producing the 1c coin was 1.65c. Inflation has seen the purchasing power of 1c and 2c coins diminish by 20pc since their introduction and the plan stated that the 1c and 2c coins "are not used actively by consumers and are expensive to mint".

Mr Noonan revealed that it costs 3.01c to produce a 5c coin; 5.16c to produce a 10c coin; 6.76c to produce a 20c coin and 8.27c to produce a 50c coin; 9.75c to produce a €1 coin; and 14.25c to produce a €2 coin.

Irish Independent

Editor's Choice

Also in Irish News