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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?

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    Mute Kev O Sullivan
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    May 29th 2013, 7:16 PM

    Ban 1c and 2c coins.

    223
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    Mute DublinCity
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    May 29th 2013, 7:29 PM

    That makes cents.

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    Mute Jim Walsh
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    May 29th 2013, 10:22 PM

    For God’s sake its not just Ireland that has this problem. In fact it probably costs bigger countries far more since they are likely to mint more coins. Take a second to think about it before going off on a moan.

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    Mute Tim Stephen Hendy
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    May 29th 2013, 7:21 PM

    The U.S has had the same problem – for years. They’ve never done anything about it. Correct me if I’m wrong, but Finland only produces enough 1 and 2c coins to comply with regulations, but not for actual use. Time Ireland considered doing the same.

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    Mute Ian Mac Eochagáin
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    Jun 1st 2013, 11:55 PM

    Finland has never used the 1c or 2c coins. The Netherlands don’t use them either.

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    Mute aurilton
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    May 29th 2013, 7:22 PM

    Check out Heaven Cent for Our Lady’s Children’s Hospital and Temple Street Children’s Hospitals. Get rid of your cents!

    69
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    Mute Fergal Kelly
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    May 29th 2013, 11:12 PM

    How do they use these coins? Do people volunteer to count them and bring them to banks or do they use those counting machines….

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    Mute aurilton
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    May 29th 2013, 7:11 PM

    Banana Republic

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    Mute Spud Mulligan
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    May 29th 2013, 11:38 PM

    But does it not balance out if we mint loads of 2 euro coins that cost about 20 cent to make?

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    Mute CAPT. ADEBAYO FLYNN
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    May 29th 2013, 7:40 PM

    Hold on a second guys. Hate to get in the middle of a good rant but….We need a currency, it needs to be difficult to counterfeit. It’s not like it is destroyed immediately, it is transferred many times over the years. If there was a cheaper way greater minds than you or I would have come up with it by now. Everything has a cost, plus it will have some ‘scrap’ value when it is time to change it again.

    Now. Back to the rants.

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    Mute bazhealy
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    May 29th 2013, 7:44 PM

    You are a man of many insights capt.

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    Mute CAPT. ADEBAYO FLYNN
    Favourite CAPT. ADEBAYO FLYNN
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    May 29th 2013, 7:54 PM

    If thats a compliment, thanks Baz…if it isnt, bike sheds… tomorrow, 2 men enter 1 man leave.

    But seriusly, I know we shouldn’t be minting the 1′s and 2′s but people just jump on the bandwagon so much about government this government that, I can’t stand this government either but the euro came in a decade ago. They don’t think for themselves, never scratch even 1 lair under the surface. Just blah blah blah give us a green thumb whatever mindless sh1t.

    I’m going to walk my dog now. He understands me….

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    Mute Dom Morgan
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    May 29th 2013, 8:16 PM

    Right, it is particularly important that 1c coins are forge-proof.

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    Mute CAPT. ADEBAYO FLYNN
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    May 29th 2013, 8:55 PM

    I said difficult, not forge proof. So please feel free to comment again.

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    Mute CAPT. ADEBAYO FLYNN
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    May 29th 2013, 9:15 PM

    When you make a statement that is purely factual and undeniably true and it gets a thumbs down it can only mean a few things, 1) it was a mistake 2)rather than hold their ‘thumb’ and accept it they just smash it down to feel better about themselves, like a little pat on the back 3) they have nothin else to offer.

    If any key else wants to have a go, bring it on, I would enjoy the challenge and gladly accept defeat to a valid point, it wouldn’t be a big deal to me, I’m a man of character I always have respect for intelligent debate and I don’t hold grudges. I want to learn more.

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    Mute richardmccarthy
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    May 29th 2013, 7:34 PM

    Any 1,2 or,5 cent coins that come my way goes straight into a large 3 litre old vodka bottle for cancer,i rarely have any use for them, i dont know what value a 3 litre full of coin is,but its does weigh pretty hefty.

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    Mute Patrick Murray
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    May 29th 2013, 7:39 PM

    Fair doos to you although I suspect your local friendly bank teller (rember them!) wont be too happy to see you.

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    Mute Paul O'Connor
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    May 29th 2013, 7:11 PM

    Well there’s your problem!

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    Mute Linda O'Sullivan Daly
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    May 29th 2013, 7:21 PM

    It costs money to make money so it’s said. Is a bit silly though when you think of it.

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    Mute Sean DeHerb
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    May 29th 2013, 8:59 PM

    Headline is misleading. It’s no big deal; it costs what it costs to mint those coins. We need them for our currency. Every country has this issue with tiny denominations.
    Some people will moan about anything…

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    Mute Daniel Wilson
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    May 29th 2013, 7:15 PM

    I’m sure they have no choice because of the EU though

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    Mute David Kearney
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    May 29th 2013, 7:35 PM

    I almost sure some EU country’s have already stopped using 1 and 2c coins.

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    Mute Jim Walsh
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    May 29th 2013, 10:20 PM

    I doubt this given that they are legal tender. It would be illegal to refuse to take or give 1c/2c coins anywhere within the Eurozone. That’s why it’s a common currency.

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    Mute Rob Davies
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    May 30th 2013, 9:43 AM

    Some countries have stopped making them. They still accept them but don’t mint them. Finland I think, never made them.

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    Mute Sean Smith
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    May 29th 2013, 7:12 PM

    Our government , gotta love em

    17
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    Mute Killian Lynch
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    May 29th 2013, 8:38 PM

    Every government has the same problem.

    38
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    Mute Johnny Reynolds
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    May 29th 2013, 8:50 PM

    @killian- a lot of countries have stopped using them so why are we still using them?

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    Mute Steve Hardy
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    May 29th 2013, 8:53 PM

    Spend a penny or euronate?

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    Mute Lou Brennan
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    May 29th 2013, 8:09 PM

    Ireland can’t even spend a penny wisely.

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    Mute PJ Walsh
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    May 29th 2013, 9:13 PM

    Penny wise and pound foolish?

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    Mute Den Darlington
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    May 29th 2013, 7:54 PM

    No way because everything will be rounded up

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    Mute Ian Mac Eochagáin
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    Jun 1st 2013, 11:57 PM

    No. Only prices that end in 3, 4, 8 and 9 are rounded up in countries where the 5c coin isn’t used. Prices ending in 1, 2, 6 and 7 are rounded down. So sometimes you gain and sometimes you lose.

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    Mute Conor
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    May 29th 2013, 10:58 PM

    Here’s how I see it. We need our currency and each denomination needs to be represented. The fact that the cost of a 1c piece is 1.6c to make isn’t as ridiculous as it sounds.

    The unit production cost and the value it represents after it’s released are completely separate. It costs x amount of money to have pennies and two cent coins in circulation, not each penny costs x amount per unit.

    And if that doesnt sit well with you, think of currency as a product line provided by a company. Each product serves its own purpose and the production cost of the ENTIRE range is greatly compensated for by the sun of values of the whole line. So if you are outraged that a penny costs 1.6c ad we are “running a loss” on pennies. Think about the astronomical “mark-up” we are making on €50 notes.

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    Mute Niall Togher
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    May 30th 2013, 11:43 AM

    Thankfully, someone is making sense and can understand the process into minting currency.

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    Mute Eileen Beattie
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    May 29th 2013, 7:28 PM

    Why am I not the least bit surprised?

    9
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    Mute Dermot O'Reilly
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    May 29th 2013, 9:29 PM

    If the Dept of Finance officials had any brains they would be fantastic!

    Great investment for the poor taxpayers but who cares – TD’s or Dept of Finance Officials ?

    Where did we get them?

    Have they any education?

    8
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    Mute Jim Walsh
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    May 29th 2013, 10:25 PM

    This is the same in EVERY COUNTRY in the Eurozone. It’s not just Ireland.
    Think for about five seconds before you moan.

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    Mute Martin Galvin
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    May 29th 2013, 11:28 PM

    Phew …! Thank goodness it’s every country in the Euro zone.
    I was worried there for a minute that our government were the only dopes.

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    Mute Ian Mac Eochagáin
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    Jun 1st 2013, 11:58 PM

    Not every country. Finland and the Netherlands don’t use them because they’re impractical.

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    Mute Master Mc Man
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    May 29th 2013, 7:22 PM

    Wow — makes no cents/sense

    7
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    Mute Colm Durkan
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    May 29th 2013, 7:38 PM

    When you’re explaining, you’re losing.

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    Mute Master Mc Man
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    May 29th 2013, 7:50 PM

    ?

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    Mute Dermot Mc Loughlin
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    May 29th 2013, 11:58 PM

    Jim…if you love the EU so much why don’t you marry it?

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    Mute Waffler Towers
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    May 30th 2013, 7:51 AM

    How much does it cost to make a €50 note? Think folks before ranting

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    Mute eastpoint
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    May 29th 2013, 10:32 PM

    Worthy of Fianna Fáil

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    Mute Michael Hanifin
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    May 31st 2013, 5:25 AM

    Stupid thease coins are useless should diss continue minting them if there not even wort what they cost follow Australia & get rid of them

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    Mute Colm McCarthy
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    May 30th 2013, 4:46 AM

    I’ve been living in NZ the past 2 years they hardly use cash not to mind coins. 99% of people use EFTPOS aka Laser Cards. One of the best banking systems in the world> fact. Least corrupt country in the world> fact. Not that that relates but what I’m trying to say is Ireland needs to wake up and get with the times instead of living in a bygone era of conservatism and old Irish mentality.

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    Mute sean
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    May 30th 2013, 9:51 AM

    dude ………..incase you forgot , the now untrustworthy banks and their corrupt mates have us the the dire economic state ,
    so trust in banks is at an all time low ,
    I’ll stick to cash thanks ,
    some shops in ireland will not accept laser card transactions of under €10 ,
    some , especially doctors surgery’s do not accept laser cards at all ,

    less fraud with cash

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    Mute John Murphy
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    May 30th 2013, 2:27 AM

    Buy high, sell low, and make up the difference in volume. Got it. Sweat on taxpayers.

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    Mute Gordon Hamilton
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    May 30th 2013, 1:53 PM

    We can be certain that prices will be rounded up and not down, whatever about loosing the 1cent l would’nt like to loose the 2.

    1
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