In 2010, our debate topic was “The United States should discontinue its use of the penny.” Is Ireland getting rid of its pennies?
“BACK STORY
The story of the slowly disappearing 1 cent coin adds another chapter on Wednesday.
That’s when shops in Ireland, on a voluntary basis, can start rounding cash purchases in euros up or down to the nearest 5 cents, to reduce the need for 1 and 2 cent coins. (A euro cent is equivalent to about 1.1 U.S. cents.)
Rounding is likely to be extremely popular, judging by a trial run in which 85 percent of consumers and 100 percent of retailers wanted to see it spread nationwide.
The Central Bank of Ireland says that, in euros, it costs 1.65 cents to make a 1 cent coin, and 1.94 cents for a 2 cent one. (In the U.S., the mint says a penny costs 1.7 cents to produce and distribute.)
Countries including Australia, Brazil, Canada, Finland, the Netherlands, New Zealand, Norway, Sweden, Switzerland and Britain have dropped their lowest-denominated coins over the last 30 years or so.
The U.S. did too, back in 1857, when the half-cent coin was eliminated, followed by the end of 2 and 3 cent coins.
How long will the American penny last? Some coin experts say for only about 10 years.
Victoria Shannon contributed reporting.”
(From NY Times, http://www.nytimes.com/2015/10/27/nytnow/latest-news-afghanistan-south-china-sea-kansas-city-royals.html, retrieved October 27, 2015.
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