The Irish government has decided to remove all 1c and 2c coins from circulation in the country. Because a 1 cent coin costs 1.3cent to make the Central Bank loses on every one produced.
The rate at which Ireland has been minting copper coins is three times more than the EU average but the requirement for more has been insatiable.
But prices won't change!
The plan is to keep pricing the same but to round-up or round-down at the point of sale. In practice this means that if the final total of your purchase is €17.84 you will pay €17.85 - but if the total was €17.82 you would only pay €17.80. This mental arithmetic has been shown not to lead to overcharging or confusion in a trial in Wexford in 2013.
The same scheme has been running for many years in other countries such as The Netherlands.
Find This Interesting Or Funny? Tell Your Friends!