Bad news for one and two cent coins following government trial results
The government are set to scrap one and two cent coins following local trials which have been deemed to be a huge success.
According to a report in the Irish Independent, the proposal is to be brought before the cabinet tomorrow by Finance Minister Michael Noonan.
He is to bring the memo to government recommending the withdrawal of the coins after a trial undertaken in Wexford was found to be a "massive success".
The National Payments Plan (NPP) last year carried out the trial in the county and recommended it to be rolled out nationally.
One and two cent coins have been found to cost more to mint than they are worth, and go out of circulation quickly as people tend to accumulate them.
The trial, which ran from September to November of 2013, was found to be strongly supported by both consumers and retailers. During it, retailers rounded the change to the nearest five cent, eliminating the need for one and two cents coins.
In May of 2013, the European Commission tabled several scenarios for the withdrawal of the one and two cent coins, with the cost of printing these coins greater than their use.