By CoinWeek News Staff ….
The Central Bank of Ireland issued a press release today urging Irish citizens to use their 1c and 2c euro coins.
According to the Central Bank, people do not use the small denomination copper-plated steel coins and end up saving or hoarding them instead. And since 1c and 2c coins are still needed by businesses in order to give change, the country’s Currency Centre is forced to produce more, leading to a cycle of increasing costs to the state. According to the latest Central Bank figures, it costs 1.7 cents to produce each 1c coin.
The problem isn’t a new one but its proportions are unique to Ireland, in that the nation has issued almost 2.5 billion 1c and 2c coins (about €35.3 million worth). This is, per capita, three times the amount of these same denominations in the average eurozone country.
With Christmas approaching, the Central Bank advises that people can either spend the coins or give them to charity. The idea is also presented as an “end-of-the-year” housecleaning of sorts.
Irish Pence Coins Currently Available on eBay