Europe wants to get rid of 1 and 2 cents coins

Europe wants to get rid of 1 and 2 cents coins
Credit: Pikrepo

The European Commission intends to withdraw all coins of 1 and 2 cents from circulation, in due course.

The Commission's 2020 work programme, which will be presented in its entirety on Wednesday, will include a proposal for 'uniform rules for rounding prices', which in turn will lead to the abolition of the copper coins over the course of 2020, reports Het Nieuwsblad.

The proposal is based on a study dating from 2018, which shows that there is no majority in any European country that is in favour of keeping the 1 and 2 cents in use, reports the Süddeutsche Zeitung.

Rounding off al prices at 5 cents will save on the production costs of the smallest coins, and would also simplify cash payments. The 1 and 2 cent coins are expensive to produce because of the cost of raw materials, the striking of coins, and the transport, according to the Commission.

Belgium, rounding prices at the cash registered has been compulsory since 1 December 2019. Prices are both rounded up and rounded down, meaning if something costs €2.76, the customer will have to pay €2.75. A bill of, for example, €2.78 will be rounded to €2.80.

Maïthé Chini

The Brussels Times

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