Ireland to phase out 1 cent and 2 cent coins

jonnypacket

Following successful trials in Wexford businesses over the past few months, the cabinet is set to approve the withdrawal of the 1 and 2 cent coins from circulation. Prices will be rounded to the nearest 5 cent if paying with cash, or will remain the same if paying by card.

I personally welcome this move. Several EU countries have already stopped minting the low denomination coins such as the Netherlands and Finland. The public tend to hoard the coins in jars and piggy banks so they don't circulate, costing the taxpayer millions to mint more. I presume the coins will remain legal tender for some time to come even though they'll no longer be minted here.

smash

TL/DR? The price of everything is about to rise!

Iwasfrozen

Do you have a link to an article for confirmation? This is good news 1 and 2c coins are useless.

BoJack Horseman

smash wrote: »

TL/DR? The price of everything is about to rise!

It won't, but even if it did, I predict the nation will survive product price increases of 3c.

Having said that, I'll believe the withdrawal when I see it.

jonnypacket

smash wrote: »

TL/DR? The price of everything is about to rise!

Prices will remain the same if paying with card. You should be charged a premium if you insist on paying with cash, in my opinion. It's an antiquated method of payment the belongs in the last century and involves costly security transportation to banks not to mention time wastage in counting it.

Debit card master race here.

Stheno

They do this in Canada as well means no piles of small change

jonnypacket

Iwasfrozen wrote: »

Do you have a link to an article for confirmation? This is good news 1 and 2c coins are useless.

It's in the Irish Times and Irish Independent.

bruschi

worked fine in Wexford. Prices didnt increase, they stayed the same. So if your total shop came to 41.52, you paid 41.50. There could have been 20 things in that with 1 or 2 cent in its price, but its only at the end that the rounding happens. Makes sense, get rid of a denomination that has little or no purpose.

actually, a large majority of the shops who did this trial have kept it going. It also doesnt do the rounding when paying by card.

Collie D

jonnypacket wrote: »

Prices will remain the same if paying with card. You should be charged a premium if you insist on paying with cash, in my opinion. It's an antiquated method of payment the belongs in the last century and involves costly security transportation to banks not to mention time wastage in counting it.

Debit card master race here.

It's a much bigger pain in the arse standing behind somebody paying for a €2 sandwich with their card.

This story on One O'Clock News now

wilhelm roentgen

This makes perfect cents.

Vandango

BoJack Horseman wrote: »

smash wrote: »

TL/DR? The price of everything is about to rise!

It won't...

You're either very young, very naive, or not Irish.

You can be certain prices will rise.

jonnypacket

Collie D wrote: »

It's a much bigger pain in the arse standing behind somebody paying for a €2 sandwich with their card.

This story on One O'Clock News now

That's because Ireland insists on using dated chip and pin technology which takes forever while the rest of the world simply swipes their card and walks away.

DakarVert

jonnypacket wrote: »

You should be charged a premium if you insist on paying with cash, in my opinion. It's an antiquated method of payment the belongs in the last century and involves costly security transportation to banks not to mention time wastage in counting it.

Debit card master race here.

Only time I use a card is online.
Always use cash for everything else.

I can't stand people who go into a shop and put a few € on a card. (I know some places have a minimum charge)

5starpool

This is good news. The only place I've been where they do this is Australia and it worked pretty well there I think, although it did take me a shile to cop on to the fact that it was even happening.

In theory there is no reason for prices to change ata ll but we'll see how it works out here in practice I guess.

jonnypacket

DakarVert wrote: »

Only time I use a card is online.
Always use cash for everything else.

I can't stand people who go into a shop and put a few € on a card. (I know some places have a minimum charge)

You must have never left your little parish. In more developed countries, paying by card has become the standard. Only poor people still use cash (i.e. they're unable to afford the maintenance charges of a bank account) or illegal immigrants. Not to mention physical currency is a vector for disease. Money is probably the dirtiest thing you can touch.

Patser

wilhelm roentgen wrote: »

This makes perfect cents.

Not for much longer

The Dark Side

Vandango wrote: »

You can be certain prices will rise.

Yet another poster who manages to wilfully misunderstand the concept.

It's nothing to do with prices - you'll find that prices are not linked to availability of 1c and 2c coins.


It's about time we introduced this.

DakarVert

jonnypacket wrote: »

You must have never left your little parish. In more developed countries, paying by card has become the standard. Only poor people still use cash (i.e. they're unable to afford the maintenance charges of a bank account) or illegal immigrants. Not to mention physical currency is a vector for disease. Money is probably the dirtiest thing you can touch.

I still prefer cash.

I pick up something, Pay the price and receive my change. I know exactly how much cash I have left.

No ****ing around with bank charges or checking balances.

Mint Sauce

Gonna take a lot longer to fill the coin jar now.

jonnypacket

DakarVert wrote: »

I still prefer cash.

I pick up something, Pay the price and receive my change. I know exactly how much cash I have left.

No ****ing around with bank charges or checking balances.

So which are you - poor or an illegal immigrant?

BoJack Horseman

Vandango wrote: »

You're either very young, very naive, or not Irish.

You can be certain prices will rise.

Your either too stupid to follow or don't understand percentages.

As said, it doesn't affect card transactions, so no price change there.

Round ups, affecting only cash transactions will have less price impact than a tiny currency fluctuation.

But I'm sure the aged penny hoarders will work hard to resist common sense.

DuffleBag

Bank card FTW. Only peasants use cash.

If anything, more shops need to bring in the updated card machines where you flash your card for anything under €15 without having to put in your pin.

kneemos

jonnypacket wrote: »

You must have never left your little parish. In more developed countries, paying by card has become the standard. Only poor people still use cash (i.e. they're unable to afford the maintenance charges of a bank account) or illegal immigrants. Not to mention physical currency is a vector for disease. Money is probably the dirtiest thing you can touch.

It costs 20 cents to swipe your card . That's why cash is used.

kfallon

Mint Sauce wrote: »

Gonna take a lot longer to fill the coin jar now.

I have a bucket and a half full!!!

fullstop

Vandango wrote: »

You're either very young, very naive, or not Irish.

You can be certain prices will rise.

How? They have this in loads of places. Prices are still €21.99, for example, for a single item - if you buy a number of items and it comes to €65.32 it rounds down to €65.30. It it's €65.33, it becomes €65.35. It's pretty simple, no? Works well in Australia and other places so why would it not work in Ireland?

Collie D

jonnypacket wrote: »

So which are you - poor or an illegal immigrant?

So what do you suggest for someone who is poor or an illegal immigrant?

That's rhetorical by the way. Your answer won't interest me judging by your attitude in last couple of posts

Grayson

I'm never going to pop into a shop to buy a bottle of water with a card.

yeppydeppy

DakarVert wrote: »

Only time I use a card is online.
Always use cash for everything else.

I can't stand people who go into a shop and put a few € on a card. (I know some places have a minimum charge)

I recently got a PINless debit card and I think it's great, very handy and definitely the way forward. I bank with Permantent TSB so I don't have pay bank fees.

But what really annoys me is places that say they have a minimum charge - as far as I'm aware this is against the terms of their contract.

yeppydeppy

Grayson wrote: »

I'm never going to pop into a shop to buy a bottle of water with a card.

I would, no problem.

Egginacup

jonnypacket wrote: »

Prices will remain the same if paying with card. You should be charged a premium if you insist on paying with cash, in my opinion. It's an antiquated method of payment the belongs in the last century and involves costly security transportation to banks not to mention time wastage in counting it.

Debit card master race here.

I like both systems. Card is convenient but I also like having some cash and knowing what I've spent. I don't like paying with my card when I'm in the pub for example. Prefer paying for each beer with cash as I go along. If I run up a tab and pay with the card I tend to get a nasty surprise. I drink more and quicker and when I've thought I've had 5 pints I get the bill and it says I've quaffed down 8 or 9 and am half sossled. Kinda puts a dampener on the session.

murpho999

jonnypacket wrote: »

That's because Ireland insists on using dated chip and pin technology which takes forever while the rest of the world simply swipes their card and walks away.

This is not true and just an opportunity to knock Ireland in my opinion.

The chip and pin is certainly not dated and also now you can have a card with contactless payments and it would take about a second to pay for a transaction up to €15.00.

I think though when it becomes normal to pay with your phone via Apple Pay or android equivalent that it will then take off.

TheBeardedLady

jonnypacket wrote: »

So which are you - poor or an illegal immigrant?

Only the poor and illegal immigrants use cash? Arse-talk, tbh.

jonnypacket

Egginacup wrote: »

I like both systems. Card is convenient but I also like having some cash and knowing what I've spent. I don't like paying with my card when I'm in the pub for example. Prefer paying for each beer with cash as I go along. If I run up a tab and pay with the card I tend to get a nasty surprise. I drink more and quicker and when I've thought I've had 5 pints I get the bill and it says I've quaffed down 8 or 9 and am half sossled. Kinda puts a dampener on the session.

Thankfully your personal drinking problems don't dictate national monetary policy.

jimgoose

jonnypacket wrote: »

Thankfully your personal drinking problems don't dictate national monetary policy.

Neither does pricking about with thru'penny bits, chief. Signed, yet another poor illegal immigrant.

Akrasia

jonnypacket wrote: »

Following successful trials in Wexford businesses over the past few months, the cabinet is set to approve the withdrawal of the 1 and 2 cent coins from circulation. Prices will be rounded to the nearest 5 cent if paying with cash, or will remain the same if paying by card.

I personally welcome this move. Several EU countries have already stopped minting the low denomination coins such as the Netherlands and Finland. The public tend to hoard the coins in jars and piggy banks so they don't circulate, costing the taxpayer millions to mint more. I presume the coins will remain legal tender for some time to come even though they'll no longer be minted here.

Excellent news
Now instead of trying to get the petrol pump to exactly 20 euros, I'll be trying to stop it at 20.02

jimgoose

Akrasia wrote: »

Excellent news
Now instead of trying to get the petrol pump to exactly 20 euros, I'll be trying to stop it at 20.02

I usually spend whatever change I haver on me on petrol, putting some notes with it of course. That way excess metal gets to carry me around rather than t'other way aboot!

The Dark Side

Akrasia wrote: »

Excellent news
Now instead of trying to get the petrol pump to exactly 20 euros, I'll be trying to stop it at 20.02

I was in Oz for a year and I always did this - it was like a strange compulsion whenever I was putting petrol in the car.

My friends used to laugh at me, but when I showed them the 92cents I saved over the year, they weren't laughing so hard then.

No sir-e.

Schwiiing

When you live in the sticks, get paid by cheque and the nearest ATM is a 15 mile round trip you pay for everything by card. My local shop tried to combat this by introducing a minimum spend of E10 to use a card so now I travel to town for everything and the local guy can go **** himself.

jimgoose

Egginacup wrote: »

I like both systems. Card is convenient but I also like having some cash and knowing what I've spent. I don't like paying with my card when I'm in the pub for example. Prefer paying for each beer with cash as I go along. If I run up a tab and pay with the card I tend to get a nasty surprise. I drink more and quicker and when I've thought I've had 5 pints I get the bill and it says I've quaffed down 8 or 9 and am half sossled. Kinda puts a dampener on the session.

Pretty much like that. I would however prefer if the local t'Woolpack operated a more American setup, i.e. you drink your porter away and settle up at the end with a MasterCard.

AMKC

I think this is a stupid idea and hope it never happens. If you don,t want to use 1cent or 2 cent coins then fine don,t use the save them up and give them to charity or but them into your Credit Union or bank account don,t moan about it. Why worry about how much it costs for them to make thats not our problem. I have no problem spending 1 and 2 cent coins. Things in this country are expensive enough as it is we don,t want/need to be paying more for them.

KevIRL

AMKC wrote: »

I think this is a stupid idea and hope it never happens. If you don,t want to use 1cent or 2 cent coins then fine don,t use the save them up and give them to charity or but them into your Credit Union or bank account don,t moan about it. Why worry about how much it costs for them to make thats not our problem. I have no problem spending 1 and 2 cent coins. Things in this country are expensive enough as it is we don,t want/need to be paying more for them.

Explain how you think this is going to drive up prices?

diomed

I predict Éirígí will block traffic on O'Connell Bridge to protest against Europe taking all our 1c and 2c coins to pay the bankers for the water.

Kev W

DuffleBag wrote: »

Bank card FTW. Only peasants use cash.

Only pricks call people peasants.

Kev W

AMKC wrote: »

Why worry about how much it costs for them to make thats not our problem.

I take it you don't pay taxes then?

Pumpkinseeds

KevIRL wrote: »

Explain how you think this is going to drive up prices?

I don't envision shops or supermarkets absorbing the lost revenue incurred in the rounding down of prices. Cutting a couple of cents off every cash transaction would cost them a fortune so they will seek to recoup that loss some way.

LadyFenghuang

You can't really use them anymore.

The only thing they are good for is saving them up changing them at the bank and giving to charity really.

jimgoose

Pumpkinseeds wrote: »

I don't envision shops or supermarkets absorbing the lost revenue incurred in the rounding down of prices. Cutting a couple of cents off every cash transaction would cost them a fortune so they will seek to recoup that loss some way.

Watch for prices slowly, almost imperceptibly, drifting up to the €*.*3 mark.

Kev W

Pumpkinseeds wrote: »

I don't envision shops or supermarkets absorbing the lost revenue incurred in the rounding down of prices. Cutting a couple of cents off every cash transaction would cost them a fortune so they will seek to recoup that loss some way.

It's not just rounding down, it's rounding up too. A total of 10.01 become 10.05 and so on.

ronjo

Will this mean skinflints will be in Supermarkets trying to pay for a load of things separately??

If you have two items each costing 1.02 they will pay 1 Euro each or 2.05 for the pair

Egginacup

smash wrote: »

TL/DR? The price of everything is about to rise!

Not really. It's rounded to the NEAREST 5 cents. They do this in the Netherlands.
If an item is 1.99 it's rounded up to 2.00 but if you buy 3 items for 1.99, i.e. 5.97, it's rounded down to 5.95.

Enjoy Heroin Responsibly

jonnypacket wrote: »

Prices will be rounded to the nearest 5 cent if paying with cash, or will remain the same if paying by card..

bruschi wrote: »

if your total shop came to 41.52, you paid 41.50. There could have been 20 things in that with 1 or 2 cent in its price, but its only at the end that the rounding happens.

Whats the point ?

We don't sell anything (other than litres of petrol/diesel for some reason) in unit prices of to fractions of one cent right now so why is it such a problem to round unit prices of individual items to increments of five cents ?

And it doesn't NECESSAIRLY mean price increases across the board. An item which costs €1.99 now could be rounded up to €2 or it could be rounded down to €1.95

one and two cent coins are worthless rubbish which should never have been introduced in the first place and the rest of the euro coin set is pretty crap too. Most of the non Eurozone EU countries (e.g. UK Czech and Poland) have much better coins.