Rounding will be rolled out across Ireland on Wednesday October 28th. In a measure to curtail the circulation on 1c and 2c coins, change on cash transactions will be rounded up or down to the nearest five cents. 1c and 2c will remain legal tender however, and rounding only applies to change on a final till amount.
- An example:
- If the change amount is 67c, then round the amount down to 65c.
- If it is 68c, round it up to 70c.
Countries that use rounding include Denmark, Finland, Hungary, Norway and Sweden. Rounding was trialled in Wexford in 2013 and found 100% and 83% of merchants and consumers respectively favoured the measure. Rounding is being introduced to reduce the needs of producing 1c and 2c coins, often a hindrance to consumers, with the majority of those issued not actually in circulation. Furthermore, the cost of production actual exceeds the coins true value (1.7cent to produce a 1cent coin)
For more info visit www.betterallround.ie
