Turn up, please
Will one and two cent coins in Germany soon be abolished?
The “National Care Forum” proposes to round cash payments to five cents. One and two-cent coins could soon be history. Other countries are already doing it.
It would be a crucial step to abolish one and two cent coins in Germany: in cash payments, the next five Eurocent should be rounded up or rounded. This proposes the “National Care Forum” initiated by the Bundesbank, in which retail, banking associations, money transporters and consumer advocates are represented.
“The Federal Ministry of Finance is asked to work for a statutory rounding regulation in Germany and to promote it,” says a message published by the Bundesbank. “The rounding rules should be as uniform as possible in Europe.”
If such a regulation for Germany comes, this would mean in practice: with cash payment of 4.99 euros, for example, 5 euros would then be due, instead of 1.02 euros, only 1 euro would have to be paid.
Small cent coins too expensive
“Overall, the economic and ecological costs for manufacturing, packaging and transporting the one and two cent coins are high in relation to their nominal value,” said Burkhard Balz, Bundesbank board member. “If we waived the circulation of one and two cent coins, cash would be more attractive for the users. In addition, the cash cycle would be more sustainable and more efficient.”
The “National Bargeldforum”, founded in Balz in February 2024, has set itself the goal of securing and keeping cash as a generally widespread means of payment.
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In several countries it is already rounded
Some euro countries are already trying to get by without the smallest cent coins. But they are not completely abolished there either. This could only be decided at European level.
In Finland, for example, cash payments by law are rounded on the nearest five-cent amount-i.e. around 14.97 euros to 14.95 euros. One and two-cent coins are not brought into circulation there, but are still considered a legal means of payment. A business in Finland does not have to accept it if it points out separately. There are similar regulations in the Netherlands, Slovakia, Ireland, Italy, Belgium and Estonia.
Many find one and two-cent coins annoying
According to surveys, small coins are not very popular: in the latest Eurobarometer, which commissioned annually by the European Commission in all EU countries, the majority of respondents spoke in favor of abolishing one and two cent coins. In addition, the copper coins rarely return to the national central banks of the euro area: a large part ends up in piggy bank or is lost.
Dpa
RW
Source: Stern
