EC discussing the future of one and two cent coins

The European Commission has opened the door to the possible withdrawal of the one and two cent coins, one of four scenarios presented in a non-legislative document relating to the future of these coins.

The EC has consulted business and consumer associations, treasuries, mints and central banks about the pros and cons of issuing coins of one and two cents.

Scenario 1: Carry on as normal.

Scenario 2: The coins to remain in circulation but lowering the cost of production through the use of cheaper materials, more efficient production or a combination of both of these measures. Production costs of these coins far exceeds the face value and most countries make a loss.

Scenario 3: Rapid withdrawal of the coins within a predetermined period and the implementation of strict ’rounding’ rules.

Scenario 4: A gradual withdrawal from circulation of the coins.

Since 2002, 45,800 million of these coins have been minted.

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