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Less copper in your wallet: 1 and 2 cent coins could soon be abolished

2020-10-01T08:45:55.511Z


Small money could soon be a thing of the past: The EU Commission wants to abolish 1 and 2 cent coins. Crooked amounts should simply be rounded up or down.


Small money could soon be a thing of the past: The EU Commission wants to abolish 1 and 2 cent coins.

Crooked amounts should simply be rounded up or down.

  • Are you hoarding your copper-colored coins * in the piggy bank?

    You are not alone in this: Every citizen in the euro area should have a total of 181 1 and 2 cent pieces at home.

  • The small money in the wallet is a thorn in the side of many.

    The EU Commission also sees no benefit and wants to withdraw the smallest coins from circulation.

  • In 2021 the decision is to be made whether 1 and 2 cent pieces should actually be banned

    .

    If so, it means rounding up or down for buyers and retailers.

Update from October 1st, 2020

: The EU Commission wants to present a planned law to abolish small

money

at the end of 2021 at the earliest, as Bild recently reported.

Before

doing so, it

would have to be carefully examined what

impact this

would have

on consumers and the economy

.

Retailers, for example, have to agree to the rounding of prices if 1 and 2 cent pieces were actually to be abolished.

Article from 08/20/2020

: Your coin

pocket in your wallet regularly overflows

because too much copper-colored change is accumulating?

Especially when things have to be done quickly, very few people start counting change: a large bill is handed over at the cash register or counter - and is put back in the wallet in the form of the smallest change.

But that could soon be over.

At least with regard to the 1 and 2 cent coins.

The EU Commission does not want this to be re-stamped -

instead, inconsistent amounts should be

rounded up and down according to fixed rules

.

According to the employee portal aktiv-online.de, one reason for this is that 1 and 2 cent pieces have to be re-minted most often.

Too often they simply disappear in piggy banks, trouser pockets or other containers in the household and are therefore no longer in circulation.

Statistically, every citizen should hoard 181 of the small coins

.

Also read

: Germans carry so much money in their wallets for a walk - would you have thought?

Round up and down when there are no more 1 and 2 cent pieces

But what do you do with amounts like 7.43 euros, 503.21 euros or 1.02 euros?

The EU Commission has drawn up a simple set of rules for this purpose: sums of money that end in 1, 2, 6 or 7 cents

are rounded down

and sums that end with 3, 4, 8 or 9 should be

rounded up

, like aktiv-online. de informed.

In practice this would mean that an amount of EUR 2.67 or EUR 2.63 would be due at the cash register.

If the till shows EUR 4.59 or EUR 4.62, the customer has to pay EUR 4.60.

The decision will not be made until 2021 whether the small coins will no longer be minted.

But if you want to exchange your "supplies" now, you

should wait for World

Savings

Day

: On this day you can deposit and exchange change free of charge at Sparkassen and Volksbanken. In 2020 World Savings Day falls on October 30.

(jg) * Merkur.de belongs to the Germany-wide Ippen digital editorial network

.

Millionaires reveal: these five tips will help you get rich

Millionaires reveal: these five tips will help you get rich

Read more

: Deposit change into the account?

Pay attention to savers - it could be expensive.

Source: merkur

All life articles on 2020-10-01

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