Ireland is planning to get rid of the one and two cent coins.
The move comes after a trial in 2013 which resulted in 85% satisfaction among consumers and 100% among retailers.
Retailers will from the end of this month either round up or down as the five cent coin becomes the smallest unit of exchange.
Goods can still be priced at 99 cents or €1.99, for example, but change in cash will only be given to the nearest five cents. Electronic payments, on the other hand, can still be accepted in one cent increments.
Six countries in the EU preceded Ireland in this step, including Belgium, Denmark, the Netherlands and Sweden.
Any one and two cent coins squirreled away can be exchanged in banks as they remain legal tender but not in general use. The Central Bank of Ireland said: “There already exists a lot in circulation, though this stock is largely hoarded in jam-jars and elsewhere in people’s homes.
“Ireland has produced 2.5bn one cent and two cent coins since the introduction of the euro, enough to go around the island of Ireland seven times, or stacked on top of each other 4,000kms into space.
“Like many small denomination coins the world over, they cost on average more to mint than their face value, a cost ultimately borne by the taxpayer.”
Charities remain anxious at what the small coin elimination will mean for them.
