ECCB to discontinue one-cent and two-cent coins

The two coins will be phased out in July
The two coins will be phased out in July

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.

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56 Comments

  1. Janelle Legall
    May 29, 2015

    Look out world, the wheels are spinning faster towards the “chip” implant system. No too long now money/currency as we know it will become archaic. New world order is gaining momentum.

    Btw, I’ve always wondered why there were/are 2 types of one-cent, two-cent and five-cent coins: squared and rounded one-cent coins, rounded and scalloped edge two-cent and five-cent coins. Can anyone explain?

  2. April 24, 2015

    so then instead of $3.99 they are going to make it $3.00 i dont see the problem we complain about to much things in that country wait till you hear what is going to happen before you judge gosh….

  3. Francisco Telemaque
    April 21, 2015

    “Well Telemaque, the Canadians are smarter than you they stick it up to Mr.know all, now what are you going to do with all that worthless copper”

    Well, who cares, when I return to Canada this summer, or the next,” I will simply take them to a bank and see how much in Dollars I can get for them, the only way I will not recover, is if there was dead line to turn them in, as a matter of fact send me all of your one cents, if you are in Canada, let me make sure they can”t be spent in your city.

    Now. if they cant be spent I will decorate the steps with them, as a reminder that I am a damn fool who should not have brought them home. If that is true, Elizabeth, and facts machine are laughing at me right now oui!

    Hahahahahahahahaahahahahahahahahah!

  4. not your bisness
    April 21, 2015

    that is very stupid to do. wat if i have to get my change in one cent and two cents wat will happen

    • The Facts
      April 21, 2015

      To tell you the truth, you will have to grin and bear it. You have until July to get accustomed to it. :lol:

  5. Francisco Telemaque
    April 21, 2015

    That is one of the stupidest thing the overseer’s of a monetary system could think of doing. In any event where it pertains to any form of calculation of money in both multiplying, and dividing there will always be some balance in cents.

    What nonsense is that! So, these people are thinking in terms of dealing in whole, or even numbers only. When the confusion starts it will be like this: When one imports commodities, assuming the buy a quantity of goods lets say at a price of $3.36 per piece when you do the tariff, and your markup and you divide the amount paid for the material, and one divide the CIF by the total number of pieces, there will be a certain amount of .something at the end. So let us suppose it work out to be $2.05 what will the buyer pay?

    There dollars in order to deal in whole or even numbers? Life will become more expensive, these people are stupid! If that made sense the one cent would be eliminated from the US, and Canadian system.

    • Francisco Telemaque
      April 21, 2015

      “what will the buyer pay?

      There dollars in order to deal in whole or even numbers?”

      Correction, the question intended was: ” What will the buyer pay (three) dollars in order to deal in whole or even numbers?”

    • The Facts
      April 21, 2015

      The buyer will pay exactly $2.05 – Two dollars and five cents. It evened out. However, if it is $2.07, the buyer will pay $2.05. If it is $2.08 or $2.09, the buyer will pay $2.10. The cashiers or store/shop owners must know this. This is the way it is in Canada; in Ontario where I reside.
      I do not know if all stores in Dominica, including the small ones will be honest about it and not expect the buyer to pay $2.10 for what which costs $2.05. Or if it is $2.07 to make them pay $2.10.

    • The Facts
      April 21, 2015

      There is a possibility that some could try to take advantage of the situation. The government may have to issue directives to the store owners. Their cash registers should be programmed accordingly.
      For me in Ontario, I do not have that problem. If anyone tries to cheat me, they will get it from me, be it a cent. :lol: After all I am a consumer and purchase their goods. I get nothing extra from them.
      If I am not satisfied, I will talk to the manager. If I am still not satisfied, I will report it to Consumer and Protection and also my MP and another minister in authority. Rest assured I will get action from them.
      All in all, the stores where I patronize are reputable ones. They are my regular stores and they know me. Sometimes I chit chat with them and make them smile/laugh. A Good Morning, Afternoon, Night or simply Hi or Hello goes a long way. Therefore, I have no problem with them. I get excellent service. Thank God!

  6. The Facts
    April 21, 2015

    For some years now Canada eliminated the one-cent. I kept one for keepsake. Maybe some years from now, if I live long enough, it will be worth more. I could trade it to a buyer at a higher cost. :lol:
    When the $1.00 and $2.00 paper money was eliminated, I kept a $1.00 paper money.
    The $1.00 coin replaced the $1.00 paper money. It is called “a looney” – solo I suppose. :lol:
    The $2.00 coin replaced the $2.00 paper money. It is called “a tooney” – twins I suppose. :lol:
    The $1.99, etc. cost is no longer effective, although some prices are still marked the same. The 0.99 cents is a sales gimmick.
    The tax is 13 cents on the dollar. For example if my cost is $2.27; I pay $2.25. If it is $2.29, I pay $2.30. The cost is rounded-out to the nearest whole, if you comprehend.
    We had to get accustomed to this change. There are times I make a joke with the cashier, “So you took the rest of my money.” The cashier laughs. We lose and we gain a few cents.

    • Francisco Telemaque
      April 21, 2015

      Facts, if they eliminate the one cent in Canada, how come I have a pile of one cents from Canada, I got in change?

      Are you sure?

      • Mr.Cent.
        April 21, 2015

        guys just google *countries that have abandoned the 1 cent* and you will see that the Eastern Caribbean will not be the fist.
        Canada did it in 2013 and no one is weeping. copy this link into you browser and you will here what a money saver and brilliant idea it was.

        http://www.cbc.ca/news/canada/canada-s-penny-withdrawal-all-you-need-to-know-1.1174547

      • Miss Penny
        April 21, 2015

        Well Telemaque, the Canadians are smarter than you they stick it up to Mr.know all, now what are you going to do with all that worthless copper. I did not make it up you said it.

        Francisco Telemaque April 21, 2015

        Facts, if they eliminate the one cent in Canada, how come I have a pile of one cents from Canada, I got in change?

        HA HA HA HA HA HA HA HA HA HA HA

    • The Facts
      April 21, 2015

      The tax is “13 per cent” on the dollar. We pay tax for nearly everything.
      I must ask or write my MP about this 13 per cent. However, the government dare not increase it to 14 % to make it even otherwise we will make a fuss – rant and rave about the increase. :lol:
      I know the government may never decrease it to 12% to make it even. Considering the millions of people, the one cent makes a difference and the government will lose a lot of tax money – revenue. Imagine millions of one cent, how much this could add up to.
      When the tax and purchases are calculated, we may have to put up with the uneven purchase costs, give and take a few cents, less or more because we no longer have the one cent coin. The one cent coin is dead, dead, dead as a doornail. :lol:

  7. justice
    April 20, 2015

    That means prices are gonna rise. This is gonna be an issue on pricing. Only making it harder for the working man. because if something is 2.99 and I give you $3.00 I WANT MY 1 cent change eh. So I now expect that item to go up to $3.00 I understand the 2 cents but not the 1 cents.

    • The Facts
      April 21, 2015

      Yes! I feel for you. It is a wise comment. We the consumers, be it in Canada may be losing a lot due to the elimination of the one cent.
      You know, if we have time to make a check of it, we will find that we lose more often than not.

  8. My 2-Cents
    April 20, 2015

    So what happens to my stash of 1-cent and 2-cents coins in my piggy bank? Is there a deadline for cashing in these coins?

    • The Facts
      April 21, 2015

      Talk to your financial institution. Usually, consumers are given some time to do so.
      If I were you I would commence bringing them in to be cashed. You probably have a mint. :lol: Therefore do not hesitate. If you have money bags this would be helpful. Otherwise you will have to count them at your home to save time.

  9. Ian
    April 20, 2015

    This is not a smart move. Why did they stop making the paper dollars? Would it not be cheaper to produce the paper dollar than the Coin?
    It is more sensible to phase out the Large $1 and $2 which seems to cost more to produce and the savings will go into continuing the smaller 1 and 2 cents

    • Awesome Foursome
      April 21, 2015

      Soooo long they stopped making paper $1 bills, is now you find to ask that question??
      smh.

      And we don’t have $2 notes in the Eastern Caribbean.

      Think before you type nuh man….stupes.

      • Ian
        April 21, 2015

        $2 Coin i said. No one said about the note. it seems like you do not understand what my argument was at all. i was saying it may be cheaper to produce the paper rather than coin dollar and keep the one a two cents.
        I do hope you get my drift now?

    • The Facts
      April 21, 2015

      Interesting topic. It depends on the type of paper. In Canada, recently, they made some new $5, – blue; $10 – purple; $20 – green; $50 – orange and $100 – peach, in such a manner that it is stated they cannot be counterfeited.
      Those dollars are as thin and shining as ever. They could get stuck together. We have to be careful when giving them to cashiers of all. I scrutinize them to ensure they do not get stuck. Some honest ones will say, “You gave me too much and return the money.” Others will say nothing and keep it.
      Last summer, I heard someone’s $100 bill melted in his pocket due to the heat. We do not like the new dollar bills.
      The old dollar bills are no longer in circulation. If cashiers give me one, I ask for the new dollars. Those old dollars are to be returned to the bank with their transactions. The bank in turn will send them to the Mint, I suppose to be re-cycled.
      Although they are light, no one likes the “looney and the tooney coins.”

  10. Duncekyat
    April 20, 2015

    Hmph … so the cost of my opinion has now gone up since my 2-cents worth now has no value. Well, I was going to ask a penny for your thoughts on that, but … never mind. :wink: :wink:

    • Awesome Foursome
      April 21, 2015

      @ Duncekyat…nah man, just charge 0.05c for my thoughts…inflation you know? :wink: :wink:

    • The Facts
      April 21, 2015

      Do not worry. We still use the word “cent” as a person’s opinion is not worth a cent or two; a person is not worth a cent. :lol: The word will never die. We who are accustomed to it will continue to use the word. The younger ones, as babies and those to be born will not, although words are handed down to each generation.

  11. Lang Mama
    April 20, 2015

    So how are we going to buy the coconut tablet and the lakol by Ma Karmala. Here goes our penny hapenee coconut cheese, tambrin balls and gooseberry jam.

    • The Facts
      April 20, 2015

      I like that! :lol: Consider the cost will increase. No more one-cent and two-cents. Be prepared for the cost of at least $1.00. Maybe 0.25 cents or .50 cents? Anyway, we are in the year 2015. Is there anything in D/ca which is worth one cent and two cents?

  12. Kid On The Block
    April 20, 2015

    just wait and you will read who them Haters will say who or what is the cause of that….

  13. April 20, 2015

    Go on blame Skeritt idiots those useless monies dont worth a black cent

    • Francisco Telemaque
      April 21, 2015

      You are an idiot!

      The thought of eliminating the one cent in American money, they dropped the idea because of practically the same that I explained, think for yourself man, and not be an idiot! Eastern Caribbean make a proposal, does not make them correct.

      The person, or persons’ who thought of that idea are idiots: if you can eliminate the one cent due to the cost of aluminum, how come you are keeping the others made of the same aluminum? That’s how stupid these people are. All the Eastern Caribbean coins are made of aluminum away, so if they eliminate one they must eliminate all.

      • The Facts
        April 22, 2015

        Why call Popam idiot? I agree with this person.
        In Canada we only have the coins, $1, $2; 0.25 which we call a quarter, the 0.10 cents and the 0.5 cents, the latter we call a nickel.
        As the years progress, I would not be surprised that one day the 0.25, 0.10 and 0.5 cents will be discontinued, whether in my lifetime or not.
        Whatever the government proposes and implements whether we like it or not and also complain, in the end we have no alternative but to accept it.
        In this era, cost-cutting and saving is the norm all around which is why the Canadian government eliminated the coin and old dollar bills. The paper and metal is less expensive to produce.
        It is nice to have new and clean money for a while at least. I do not think the dollar bills will ever get dull due to the paper and chemical used. I think they are easy to tear.
        America has its reason for not eliminating the one cent. I would not question that or argue about it.

  14. Dasheen
    April 20, 2015

    The developed country I am in is smart enough to know that if you want something to sell and it costs around $4.00 then put the price at 3.99. this is a trick known to appeal to customers and therefore the whole country is stocked with pennies as there’s always change to give. So why on earth would ECCB want to stop this? is this known trick of the trade not practiced in the islands? And how are ppl going to get their change? it is impossible for every transaction to be requiring change in multiples of 5c. at least keep the 1c and get rid of the 2c. that just does not make sense.

    • budman
      April 20, 2015

      if by chance the developed country you are in is the US, then you would know that they too are soon to discontinue the use of said coins for exactly the same reason we are. the reason is actually quite logically and economically sound. the reason is its actually cost MORE money to produce the 1c and 2c units of currency than the actual coins are worth. for example it cost 4 c to make a 1c coin.

    • Labour
      April 20, 2015

      Same way they getting there change in Barbados No 2 cents and 1 cent there either

    • zilo
      April 21, 2015

      Sorry Dasheen, but Canada got rid of the 1cent a few years ago and everything is working just fine.

  15. Kid On The Block
    April 20, 2015

    So that means some commodity prices must change too…no more $1.01- 02- 03– or $1.04 cents.
    Everything is 5cents, 10cents, 25cents and so on. Who is the benefit of the doubt of the 1 or 2 cents goes to? The customer or the business?$5.00 – $4.98…Obviously I want my change!

    • budman
      April 20, 2015

      i love this. classic example of humans hating change. (no pun intended) listen, for non cash transactions, it is likely that prices could remain with 1c, 2c, 3c, etc.

  16. derp
    April 20, 2015

    soon (years…) we will go full digital money hmmmm

  17. zulu
    April 20, 2015

    And they need to bring back dollar in a form of a note

    • budman
      April 20, 2015

      why? give one good inexpensive reason why?

  18. Greg
    April 20, 2015

    It would be prudent to tell us upfront how the monetary system will compensate for the absence of the I and 2 cent coins. Merchants, buyers, banks etc need to make some kind of adjustments I would think.
    I am very curious though.
    Isnt there a cheaper way of producing those coins. Maybe something with plastic – I am no pundit just asking.

  19. Rabbit
    April 20, 2015

    Prices will be rounded off in multiples of 5…there’s your answer.

  20. Titiwi
    April 20, 2015

    “2 cents” will have to change his blogger’s name to minimum 5 cts.

  21. concerned citizen
    April 20, 2015

    well ! well ! now items price will be up a few cents. items we now buy for 0.96, 1.97, 1.98 and so on wil it seem automatically become the whole number. e.g 0.96 will be $1.00, 1.97 will be 2 and so on. more expense on the poor. ma gwe sa

  22. Ryan
    April 20, 2015

    So does that mean it’s going to be only evern number pricing …? No more $1.99 ,$1.97 it’s all going to be $1.00 , $2.00 , $2.95…. ? I want my one cent change on my $2.99 for a pound of Rice anyway..

  23. Hmm
    April 20, 2015

    Soooo…does being pulled out of circulation mean that 1c and 2c coins will no longer be of value? That they won’t be accepted at cashiers anymore? And what if I use $5.00 for instance and I have to get change of 7c for instance, what happens then?

    I don’t get it…help? :-?

    • Titiwi
      April 20, 2015

      Your price will be rounded up (never down) to th nearest 5 cts. off course!

    • Tou twelle
      April 20, 2015

      Mr Brathwaite,,,, please explain?

    • zulu
      April 20, 2015

      I too want to know myself

    • Awesome Foursome
      April 20, 2015

      I’m not a maths person, but i guess the merchants will all have to put their prices as multiples of 5?

      I dunno…just speculating here.

    • budman
      April 20, 2015

      this was discussed and what will happen is that the prices of goods will all be multiples of 5c.

      • Duncekyat
        April 20, 2015

        So when I change my US $ to EC @ the local bank, are they going to round UP my money to the nearest 5 cents or tief it DOWN. Did they discuss that??

    • The Facts
      April 20, 2015

      You will lose the 0.2 cents. There are times you will gain the 0.2 cents when your purchases are rounded off. This is how it works.

    • The Facts
      April 20, 2015

      I can imagine how it will be confusing. You will receive 0.5 cents. In time you will get accustomed to it.

  24. Marcus Hill
    April 20, 2015

    It was high time!!

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