So long, copper coins!
We all have pockets and piggy banks full of them, but as of today, the change you get in shops will be rounded up or down to the nearest 5c as part of plans to reduce the use of 1c and 2c coins.
The Central Bank is now rolling out this ’rounding’ policy nationwide after a trial in Wexford found that 85% of consumers and 100% of retailers found it to work well.
For you, this means that the change you get for your purchase will be rounded up or down, but the prices displayed in shops will remain the same. For instance; if a bill comes to 41c, it will be rounded down to 40c. But if the bill is 49c, it will be rounded up to 50c. Makes sense?
This policy is still conducted on a voluntary basis for stores, meaning that your little copper coins are still a legal tender and can be used, you will just probably see less and less of them moving forward.
The Central Bank’s Ronnie O’Toole says he expects people will get used to the system pretty quickly.
“Consumers may be surprised at first but, judging from the experience in Wexford, they will embrace rounding very quickly,” he says.
The rounding will apply to cash transactions only, so no rounding up or down done on credit- or debit card transactions.
What do YOU think? Are the 1- and 2-cent coins nothing but a nuisance? Or will you miss them when they go?
