As of July 1, 2015, the Eastern Caribbean Central Bank (ECCB) will be pulling the one-cent and two-cent coins out of circulation.
The matter will be discussed with media practitioners at the bank’s headquarters in St. Kitts on Tuesday.
The event will be video streamed to all eight member states served by the ECCB.
Deputy Governor of the bank, Trevor Brathwaite told OBSERVER media in Antigua that the bank will save millions of dollars when the two coins are phased out.
He said the cost of obtaining the coins from the Royal Canadian Mint has been increasing due to the price increase of aluminum, the material used to make the coins.
“The volume we purchased, from 2007 to present, for the one cent coin was 155,535,000, and we minted 74,540,000 two-cent coins in that same period, 2007 to 2014. It costs six cents to mint a (single) one cent coin and a it costs the ECCB eight cents to mint a (single) two-cent coin,” he explained.
Overall it cost $15-million to mint the amount quoated, Brathwaite stated.
“For the one cent coin over that period, from 2007 to 2014 it has cost us approximately $9 million and for the two-cent coin, we would have spent approximately $6 million. So, the $15 million which the Central Bank spent for that period has not achieved any return over the last six or seven years because what we find is that once these coins go into circulation, they just disappear from the scene,” he said to OBSERVER media.
He noted that the phase-out exercise begins in July people can take their coins into any commercial bank and get cash value or deposit the money into their accounts.