Advertisement

We need your help now

Support from readers like you keeps The Journal open.

You are visiting us because we have something you value. Independent, unbiased news that tells the truth. Advertising revenue goes some way to support our mission, but this year it has not been enough.

If you've seen value in our reporting, please contribute what you can, so we can continue to produce accurate and meaningful journalism. For everyone who needs it.

ben.chaney via Flickr
minted

Ireland spends €11.8 million to mint coins worth... €7.1 million

Department of Finance figures show Ireland’s minted 713 million 1c coins since 2004 – coins which cost 1.65c to mint.

IRELAND HAS SPENT €11.8 million minting coins with a monetary value of only €7.1 million since 2004, TheJournal.ie can reveal.

Data published by the Department of Finance shows that Ireland has minted 713.6 million 1c coins in the last eight years.

Those coins have a monetary value of €7,136,862.73 – but because the Central Bank estimates that it costs 1.65 cent to mint every individual 1c coin, Ireland will have spent €11,775,823.50 in creating those coins.

As a result, Ireland has lost €4,638,960.78 having to produce the 1c coins.

The figures also show that Ireland has minted nearly 443 million 2c coins in the same period of time – coins which cost an estimated 1.94 cent to produce.

This means Ireland has spent almost €4.3 million minting coins with a monetary value of just over €4.4 million.

Ireland has minted a total of 3.3 billion euro coins since the physical notes and coins became legal tender in 2002.

The coins minted since 2004 – the first year for which individualised breakdowns are available – have a total monetary value of €282.8 million.

The Central Bank’s National Payments Plan, published last month, outlined plans for one medium-sized Irish town to start phasing 1c and 2c coins out of physical usage by the end of 2013.

Poll: Would you support scrapping 1c and 2c coins?

Your Voice
Readers Comments
51
    Submit a report
    Please help us understand how this comment violates our community guidelines.
    Thank you for the feedback
    Your feedback has been sent to our team for review.