Phasing out of 1 & 2cent coins

Boombastic

The Central Bank announced that Wexford will host a one-cent and two-cent rounding trial this autumn to gauge the reaction of consumers and retailers to the change, which it would like to introduce nationwide.

Prices will be rounded off to the nearest five cent at the till.







It works in other European countries. I can see the reasons for removing them ; they are too much work for the central bank to manage and their value is negligible

But, as always prices will go up and I don't want to see that happen. Do you reckon it's a good move? We'll be doing all those people in the mint out of jobs.

Mr Benevolent

Yep, will work fine. Certainly works in Australia.

Sky King

I think they should introduce a 99 cent coin for buying stuff in Dunnes at al.

kneemos

A three cent coin to split the difference.

Radiosonde

Boombastic wrote: »

trial this autumn to gauge the reaction of consumers and retailers to the change, which it would like to introduce nationwide.

I'm pretty sure that change has been in use all over the country for years now, I see 1 and 2c coins all the time.

squod

More to do with the price of the coin relative to the raw material its made from? Bit like Americas 1c coins and their relative scrap value.

Dartz

But the 1-cents are great for ballast in miniatures and the like

Dravokivich

Dartz wrote: »

But the 1-cents are great for ballast in miniatures and the like

Also good for propping up mic stands when the legs are gone.

syklops

Radiosonde wrote: »

I'm pretty sure that change has been in use all over the country for years now, I see 1 and 2c coins all the time.

You see them, but do you use them? Most people don't. They lie around in jars until the jar fills and you go and convert them in the shop or the bank.

Cee-Jay-Cee

Radiosonde wrote: »

I'm pretty sure that change has been in use all over the country for years now, I see 1 and 2c coins all the time.

Hence the trial to get rid of it. Read the OP again.

kneemos

So every store in Wexford will have to round off their prices presumably.I wonder if the plan came from the traders associations,it would be very much in their interest.

gobnaitolunacy

Bet they'll round UP though.

jimgoose

Lock-and-load, folks - we're about to get rode bareback again!

TommyKnocker

It is not the individual items in a shop which are to be rounded, at least not initially, but when all the items you buy are checked through the till, your total will be rounded up or down to the nearest 5c.

So if you weekly grocery bill was say €100.21 it would be rounded down to €100.20. If it was €100.23 it would be rounded up to €100.25.

But I suspect over time you will see retailers round all items up to the nearest 5c (i.e 91c becomes 95c) so that all total bills will have no rounding required. This I feel is something that should be guarded against


***EDIT: Rounding should apply to cash transactions. Payment by credit/debit cards should not require rounding.

mike65

Get used to talk of Swedish Rounding when this happens.

BlitzKrieg

Time to game the system

jester77

kneemos wrote: »

So every store in Wexford will have to round off their prices presumably.I wonder if the plan came from the traders associations,it would be very much in their interest.

How is it in their interest? As in they will have less change to count and store at the end of the day?

stargazer 68

syklops wrote: »

You see them, but do you use them? Most people don't. They lie around in jars until the jar fills and you go and convert them in the shop or the bank.

Ours are all kept and then handed into the hospice. I know a lot of people that do this so charities are going to lose out IMO.

jester77

gobnaitolunacy wrote: »

Bet they'll round UP though.

People seem to be a little slow to how this works.

Prices stay the same, nothing changes. When you get to the register you will have a final total.

• If the final total ends with in 0 or 5 cents (e.g. 23.35, 21.40) then nothing changes and that is what you pay

• If the final total ends with 1, 2, 6 or 7 cents (e.g. 12.12, 23.27) then it is rounded down to the nearest 5 cents.

• If the final total ends with 3, 4, 8 or 9 cents (e.g. 31.24, 52.39) then it is rounded up the the nearest 5 cents.

So sometimes you will pay 1 or 2c more and sometimes you will pay 1 or 2c less depending on what the price on the register.

donutheadhomer

kneemos wrote: »

A three cent coin to split the difference.

bring back the ha'penny

oldyouth

Shops generally hate the 1c & 2c coins. People often pay you up to 30c in these coins and you won't get away with giving them back to other customers in their change. At the end of the day, it ends up being tipped in to the charity box by the retailer. For that reason, I don't see retailers trying to rip off customers. It will be swings and roundabouts

kneemos

jester77 wrote: »

How is it in their interest? As in they will have less change to count and store at the end of the day?

Less handling charges I'd imagine,keeping enough change in the till is the biggest problem rather than having to count it also it's always possible to price your stock so that most of it gets rounded up rather than down.

anniehilate

I've just recently returned from Amsterdam, where 1c and 2c coins are not used at all. The way it works for them is that the total is always rounded up- regardless of whether it was €10.21 etc. Prices in shops remain €x.99, especially in supermarkets. The only difference is at the till where you pay an extra 2 or 3 cents.

jester77

kneemos wrote: »

Less handling charges I'd imagine,keeping enough change in the till is the biggest problem rather than having to count it also it's always possible to price your stock so that most of it gets rounded up rather than down.

Ah now :eek:

If you buy 1 product that costs 99c, then you pay 1€. The shop wins 1c.
If you buy 2 product that costs 99c, then you pay 2€. The shop wins 2c.
If you buy 3 product that costs 99c, then you pay 2,95€. You win 2c.
If you buy 4 product that costs 99c, then you pay 3.95€. You win 1c.
If you buy 5 product that costs 99c, then you pay 4.95€. No one wins.
... and so on.

The shop keeper is not going to magically know how many products is in your basket, so there is no way he can rip you off with this system

kneemos

jester77 wrote: »

Ah now :eek:

If you buy 1 product that costs 99c, then you pay 1€. The shop wins 1c.
If you buy 2 product that costs 99c, then you pay 2€. The shop wins 2c.
If you buy 3 product that costs 99c, then you pay 2,95€. You win 2c.
If you buy 4 product that costs 99c, then you pay 3.95€. You win 1c.
If you buy 5 product that costs 99c, then you pay 4.95€. No one wins.
... and so on.

The shop keeper is not going to magically know how many products is in your basket, so there is no way he can rip you off with this system

Fair enough.

stoneill

I bet you will see the price of goods changing up though.

the purple tin

About time, 1 and 2 cent coins should never have been minted in the first place.

Dravokivich

jester77 wrote: »

So sometimes you will pay 1 or 2c more and sometimes you will pay 1 or 2c less depending on what the price on the register.

As Mr.Burns would say, "We're getting screwed!"