Ireland to phase out 1 cent and 2 cent coins

Depraved

5c coins I can still see some use for. But 1c are practically worthless and not needed.

I wish they would phase out the centimo coins here in the Philippines. Two 25 centimo coins is ony worth a 1c coin in Euro. Fecking coins cost more to make than their face value. And everything is priced with x peso + 25, 50 or 75 centimo so you end up with tons of them in your pocket. Suppose I can save them up and pay for a tricycle journey with them!

Cookie_Monster

Depraved wrote: »

Fecking coins cost more to make than their face value.

only if it's used once though. Any single coin is likely to be used thousands of times in it's lifetime. So what if a 1c coins costs 5c to make, it's useable value is still 100e in it's lifetime (10,000 transactions).

BoJack Horseman

Cookie_Monster wrote: »

only if it's used once though. Any single coin is likely to be used thousands of times in it's lifetime. So what if a 1c coins costs 5c to make, it's useable value is still 100e in it's lifetime (1,000 transactions).

You mean 10,000 transactions.

Do we know how many transactions a given coin will go through?

Every 1c & 2c coin I receive is binned, they have no purchasing power, ergo are worthless.... The coin will never see another transaction again.

SpaceTime

If people aren't keen on using their actual debit cards, you'd think we'd have a simple, reloadable e-purse by now like Leap Card only for cash?

You could just pop whatever amount on the card and spend like cash. There'd be no need for security, if you lost it, you lost it, just like cash.

Could be reloaded via ATMs or your mobile phone with NFC at this stage.

ScumLord

SpaceTime wrote: »

If people aren't keen on using their actual debit cards, you'd think we'd have a simple, reloadable e-purse by now like Leap Card only for cash?

You could just pop whatever amount on the card and spend like cash. There'd be no need for security, if you lost it, you lost it, just like cash.

Could be reloaded via ATMs or your mobile phone with NFC at this stage.

There are pay as you go credit cards. People don't use them because they have obscene transaction fees.

Greenmachine

I am in favour of this initiative provided it is applied consistently as, I have stated already.
Today I was in Centra buying some sausages priced at €1.29

He ended up asking me for €1.30 which is what should happen when the system is in place. I am not sure if they store was just taking liberties now asking me for that extra 1c or if they would have ask me for €1.30 if they had been priced at €1.31 or €1.32. There was no kind of notification at the register to suggest they were implementing such a policy. My understanding is that this is simply a proposal at this stage, so not sure what kind of consistency this Centra or the company are shooting for.

Just to add in other countries where this is policy the register does the rounding for the attendant, in this case the register was still displaying €1.29. A surprisingly large amount of people can not understand rounding, so can't say I would trust leaving this to the judgement of someone on a register.

Iwasfrozen

Greenmachine wrote: »

I am in favour of this initiative provided it is applied consistently as, I have stated already.
Today I was in Centra buying some sausages priced at €1.29

He ended up asking me for €1.30 which is what should happen when the system is in place. I am not sure if they store was just taking liberties now asking me for that extra 1c or if they would have ask me for €1.30 if they had been priced at €1.31 or €1.32. There was no kind of notification at the register to suggest they were implementing such a policy. My understanding is that this is simply a proposal at this stage, so not sure what kind of consistency this Centra or the company are shooting for.

Just to add in other countries where this is policy the register does the rounding for the attendant, in this case the register was still displaying €1.29. A surprisingly large amount of people can not understand rounding, so can't say I would trust leaving this to the judgement of someone on a register.

The price is rounded up/down after the price of all your goods are summed. Big difference.

5starpool

Greenmachine wrote: »

I am in favour of this initiative provided it is applied consistently as, I have stated already.
Today I was in Centra buying some sausages priced at €1.29

He ended up asking me for €1.30 which is what should happen when the system is in place. I am not sure if they store was just taking liberties now asking me for that extra 1c or if they would have ask me for €1.30 if they had been priced at €1.31 or €1.32. There was no kind of notification at the register to suggest they were implementing such a policy. My understanding is that this is simply a proposal at this stage, so not sure what kind of consistency this Centra or the company are shooting for.

Just to add in other countries where this is policy the register does the rounding for the attendant, in this case the register was still displaying €1.29. A surprisingly large amount of people can not understand rounding, so can't say I would trust leaving this to the judgement of someone on a register.

If you bought 3 packets of sausages though you'd be saving 2c. Swings and rounabouts.

kneemos

5starpool wrote: »

If you bought 3 packets of sausages though you'd be saving 2c. Swings and rounabouts.

Spend another 2.58 to save 2c?

syklops

BoJack Horseman wrote: »

Every 1c & 2c coin I receive is binned, they have no purchasing power, ergo are worthless.... The coin will never see another transaction again.

Now we know whats wrong with the economy.

BoJack Horseman

syklops wrote: »

Now we know whats wrong with the economy.

Explain?

LDN_Irish

BoJack Horseman wrote: »

Explain?

Why bother when you ain't got no cents.

Markcheese

SpaceTime wrote: »

If people aren't keen on using their actual debit cards, you'd think we'd have a simple, reloadable e-purse by now like Leap Card only for cash?

You could just pop whatever amount on the card and spend like cash. There'd be no need for security, if you lost it, you lost it, just like cash.


Could be reloaded via ATMs or your mobile phone with NFC at this stage.

Oh god I hope that idea isn't taken on by government - just think of the exploritory commissions- leading to investigative bodies - then stake holder consultations - each with there own branding and pr consultants - and in the end they'd copy the Oyster card but badly expensively
( think how long and how much they spent thinking on the leap card )

jimgoose

BoJack Horseman wrote: »

Explain?

A shortage of "Tom from Fr. Ted" types. "'Twas my own munny, Fader! Idn' want ta be fillin' out de forr-ums!!". He was right.

Greenmachine

Iwasfrozen wrote: »

The price is rounded up/down after the price of all your goods are summed. Big difference.

I know that. Did you read my post.

uck51js9zml2yt

Iwasfrozen wrote: »

The price is rounded up/down after the price of all your goods are summed. Big difference.

We all know that won't happen.
Everything will go up just like it did when we got the euro.

cdeb

Koda Beautiful Umpire wrote: »

We all know that won't happen.

Of course it will. The computer will make it so. To prove it, you'll have a receipt, and of course your own eyes when you see (say) E15.18 become E15.20 on the till.

The amount of nonsense being posted about this sensible idea is second only the amount of nonsense being posted about how using cash is silly.

uck51js9zml2yt

cdeb wrote: »

Of course it will. The computer will make it so. To prove it, you'll have a receipt, and of course your own eyes when you see (say) E15.18 become E15.20 on the till.

The amount of nonsense being posted about this sensible idea is second only the amount of nonsense being posted about how using cash is silly.

All they have to do is up the price on the shelf. Its not rocket science. I'm sure our enterprising ship keepers will suss it out.

The Dark Side

Koda Beautiful Umpire wrote: »

All they have to do is up the price on the shelf. Its not rocket science. I'm sure our enterprising ship keepers will suss it out.

I know you're aiming for worldly-wise.


It's not working though.

cdeb

Koda Beautiful Umpire wrote: »

All they have to do is up the price on the shelf. Its not rocket science. I'm sure our enterprising ship keepers will suss it out.

Oh no! The price of something might go up by far less than the rate of inflation!

The sky is falling! The sky is falling!

Hotblack Desiato

Cookie_Monster wrote: »

only if it's used once though. Any single coin is likely to be used thousands of times in it's lifetime. So what if a 1c coins costs 5c to make, it's useable value is still 100e in it's lifetime (10,000 transactions).

this is the most hilarious misconception yet.

How about I give you €50 and you give me €50, repeat ad nauseum and this time next month Rodders, we'll be millionaires!


(clue: you are ignoring the fact that the coin is only one half of the transaction, the other half is the goods, services or debt that the coin is paying for.)

kneemos

I'll take the 1c coins and sell them as washers for 5c each.

Hotblack Desiato

Koda Beautiful Umpire wrote: »

All they have to do is up the price on the shelf.

Which they can't do now, because...?

The major supermarkets have enough stuff going on with 'half price' offers of wine for €8 that is only worth €8 to begin with, twin packs that cost more than buying two individual items, etc. etc. that a cent here or there on the total bill not per item is completely irrelevant. The stores will profit from this but only because they will have fewer tiny almost valueless coins to count and transport to/from the bank.

SpaceTime

ScumLord wrote: »

There are pay as you go credit cards. People don't use them because they have obscene transaction fees.

That's my point though. The tech is there the banks just gouge!

Steven81

I was in Finland for the summer 2002 and they never brought in the 1 and 2c, like what we are doing everything gets rounded to the nearest 5, all items are still marked 99c and the bill added up at the end. What i noticed though was that 5c started to become a bit of a nuisance, they became the new 1 and 2c in the wallet.

vandriver

What the feck am I going to bulk up my kids' Trocaire boxes with now?

Iwasfrozen

It begs the question though if we're going to get rid of 1 and 2 cents coins why not just divide everything by 5? (Semi serious)

fleet_admiral

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.

Then you get your quarterly fees....

Captain Chaos

fleet_admiral wrote: »

Then you get your quarterly fees....

PTSB, no bank fees. Only have to pay government stamp duty each April.

Digital Solitude

Iwasfrozen wrote: »

It begs the question though if we're going to get rid of 1 and 2 cents coins why not just divide everything by 5? (Semi serious)

Divide it by 5 or make it divisible by 5?

That'd affect prices a lot more than rounding at the end.

If 99c was rounded to €1, then 6 items would be €6, obviously, whereas with this rounding system it'd only be €5.94, rounded to €5.95. Upscaled, that'd have an impact