ONE AND TWO cent coins will be rounded over the next few months.

The Central Bank made the announcement this afternoon after taking over the project following the Government’s decision to go ahead with the plan.

It follows a successful trial that was carried out in Wexford in 2013, 85% of consumers and 100% of retailers surveyed said they believed rounding should be applied nationally.

As it stands, a 1 cent coin costs 1.65c to produce while 2 cent coin costs 1.94c.

The Netherlands, Sweden, Finland, Denmark, Hungary and Belgium have already adopted a rounding policy.

What does this mean for your wallet?

The Central Bank says details of how rounding will be implemented have yet to be finalised but it’s anticipated that it will be rolled out in the next few months.

Here’s what we know so far:

• 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

Rounding will only apply to cash transactions (not to credit card, electronic or cheque payments) and to the total transaction bill (not to individual goods).

The bill can be rounded up or down, as follows:

• a transaction costing €10.21 or €10.22 would be rounded to €10.20
• a transaction costing €10.23 or €10.24 would be rounded to €10.25
• a transaction costing €10.26 or €10.27 would be rounded to €10.25
• a transaction costing €10.28 or €10.29 would be rounded to €10.30

Two individual items priced at €10.99 and €3.49 respectively would remain at these prices, though the total bill (€14.48) would be rounded up to €14.50.

Three individual items priced at €2.99, €4.49 and €8.17 respectively would remain at these prices, though the total bill (€15.61) would be rounded down to €15.60.

Looking for somewhere to drop unwanted coins?

“Change for Charity” has been in place since last October and is encouraging people all over the country to donate their unwanted 1c and 2c coins to help support a number of Irish Charities.

The Founder of the campaign, Norma Smurfit, said, ”After many months of organising and setting up the campaign we are delighted that the rollout has been approved.

“We hope that it will encourage people to bring their coins to one of the many Change for Charity locations Nationwide.

We want to make sure the coins benefit Irish Charities before they disappear back into the system.

The campaign has over 3,000 collection receptacles all over the country in schools, shops and banks.

Every AIB and BANK OF IRELAND branch has a receptacle and there is no staff assistance required for this service.

Read: Do you agree with the plan to scrap 1 and 2 cent coins?>

Read: Charities really don’t want to see one and two cent coins scrapped>