Ireland ditching 1c and 2c coins

Ireland is becoming the 7th EU country to reduce the use of 1 cent and 2 cent coins. The official rollout of Central Bank of Ireland's rounding initiative is set for October 28.

The key features of Rounding are: Rounding will be conducted on a voluntary basis; 1c and 2c coins will remain legal tender; Rounding will apply only to cash payments; The total amount of any bill will be rounded down or up to the nearest 5c. Six EU Member States have already adopted a symmetrical rounding policy; The Netherlands, Sweden, Finland, Denmark, Hungary and Belgium.

The central bank made a nice infographic on the number of 1 cent and 2 cent coins produced in Ireland.