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EU considers withdrawal of 1 and 2 euro cent coins


YesSireeeBob

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EUobserver.com / Economic Affairs / EU considers withdrawal of 1 and 2 euro cent coins

in Holland they round 1,2,8,9 up or down to 0 and 3,4,6,7 up/down to 5.

I've a feeling they'll be rounding everything up in Ireland.

Will this cause inflation - the Germans won't like it if it does.

personally I'll be delighted if they get rid of them.

Berlin - The European Commission on Tuesday (14 May) tabled several scenarios for the withdrawal of the 1 and 2 euro cent coins, with the cost of printing these coins greater than their use.


"The production of 1 and 2 cent coins is clearly a loss-making activity for the euro area with the difference between the face value of the coins and the price paid by the state to get them pointing at an estimated total cumulative loss of €1.4 billion since 2002," the commission said in a press release.
 

Honecker

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Good. Those coins are a pain in the hole.
 

APettigrew92

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The scourge of every Cashier like myself.

The Finns round their currency up as it is. 1 and 2 cent coins cost more to produce than they're worth.

Simple common sense coming into play. Only 12 years later.
 

Analyzer

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Presumably this is because the metal in the coins is worth more tha 1% or 2% of a Euro.
 

viper999

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any chance they would pull the coins and notes
this farce of a curency union has destroyed europe
 

Clanrickard

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People will round up that is for sure.
 

Sister Mercedes

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In America, if your bill comes to $7.01, or $7.02, or $7.03, and you present $10, the cashier will give you back $3 even.

In Ireland, they will carefully count out the 99c change. Just to save themselves that penny.
 

Burnout

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I have a life.
As was said before....in Ireland all will go up. If you take a million 1+2c transactions thats a few bob in someone elses pocket. Simple as that.

From wiki: The one and two-cent coins were initially introduced in order to ensure that the introduction of the euro was not used as an excuse by retailers to heavily round up prices. However, due to the cost of maintaining a circulation of low value coins, by business and the mints, Finland and the Netherlands round prices to the nearest five cents (Swedish rounding) if paying with cash money, while producing only a handful of those coins for collectors, rather than general circulation.[2] Despite this, the coins are still legal tender and produced outside these states, so if a customer with a one-cent coin minted elsewhere wishes to pay with it, he may.[3]

The Nederlandse Bank calculated it would save $36 million a year by not using the smaller coins. Other countries such as Germany favoured retaining the coins due to retailers' desire for €1.99 prices, which appear more attractive to the consumer than a €2 price (Psychological pricing).[3] According to a Eurobarometer survey of EU citizens, Germans are most skeptical about the removal of the coin (only 32% support it), however across the entire Eurozone there is a slight majority (52%) for their removal.[4]
 

Ren84

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In America, if your bill comes to $7.01, or $7.02, or $7.03, and you present $10, the cashier will give you back $3 even.

In Ireland, they will carefully count out the 99c change. Just to save themselves that penny.
If I'm filling up at the petrol station and I slightly go over, say 20.01, the shop attendant will never usually ask for the one cent. Of course paying by laser or credit card is different as the transaction always puts on the extra penny.
 
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