EU intends to withdraw 1 and 2 cents coins

File photo of Euro coins are displayed as part of the 'Monnaie de Paris: 11 Conti' exhibition held at the Monnaie de Paris, France's oldest and most renowned mint. EPA-EFE/IAN LANGSDON

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The European Commission intends to withdraw all coins of 1 and 2 cents from circulation, in due course.

The Commission’s 2020 work programme, which will be presented in its entirety on Wednesday, will include a proposal for ‘uniform rules for rounding prices’, which in turn will lead to the abolition of the copper coins over the course of 2020, reports Het Nieuwsblad.

The proposal is based on a study dating from 2018, which shows that there is no majority in any European country that is in favour of keeping the 1 and 2 cents in use.

Rounding off al prices at 5 cents will save on the production costs of the smallest coins, and would also simplify cash payments. The 1 and 2 cent coins are expensive to produce because of the cost of raw materials, the striking of coins, and the transport, according to the Commission.

Read more via The Brussels Times

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