Ireland to phase out 1 cent and 2 cent coins

jonnypacket · 15-06-2015 1:08pm #1

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 · 15-06-2015 1:10pm

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

Iwasfrozen · 15-06-2015 1:11pm

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

BoJack Horseman · 15-06-2015 1:12pm

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 · 15-06-2015 1:13pm

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 · 15-06-2015 1:13pm

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

jonnypacket · 15-06-2015 1:15pm

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 · 15-06-2015 1:15pm

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 · 15-06-2015 1:16pm

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 · 15-06-2015 1:16pm

This makes perfect cents.

Vandango · 15-06-2015 1:17pm

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 · 15-06-2015 1:19pm

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 · 15-06-2015 1:19pm

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 · 15-06-2015 1:21pm

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 · 15-06-2015 1:23pm

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 · 15-06-2015 1:26pm

wilhelm roentgen wrote: »

This makes perfect cents.

Not for much longer

The Dark Side · 15-06-2015 1:28pm

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 · 15-06-2015 1:29pm

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 · 15-06-2015 1:30pm

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

jonnypacket · 15-06-2015 1:30pm

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 · 15-06-2015 1:31pm

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 · 15-06-2015 1:31pm

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 · 15-06-2015 1:34pm

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 · 15-06-2015 1:34pm

Mint Sauce wrote: »

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

I have a bucket and a half full!!!

fullstop · 15-06-2015 1:42pm

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 · 15-06-2015 1:42pm

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 · 15-06-2015 1:57pm

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

yeppydeppy · 15-06-2015 1:59pm

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 · 15-06-2015 2:00pm

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 · 15-06-2015 2:09pm

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 · 15-06-2015 2:14pm

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.

Ireland to phase out 1 cent and 2 cent coins

Comments