Central Bank recommends dumping small coins amid consumer support

The Central Bank has recommended the roll out of a voluntary scheme aimed at getting rid of 1 cent and 2 cent coins.

The idea was trialled in Wexford and received overwhelming support with 85% of consumers who participated in voting in favour of extending it nationwide.

It would mean that retailers round all cash transactions to the nearest 5 cent 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 1 cent coin costs 1.3 cent to mint so there would be significant savings to the Exchequer.

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