The one- and two-cent coins were initially introduced in order to ensure that the introduction of the euro was not used as an excuse by retailers to heavily round up prices. However, due to the cost to business and the mints of maintaining a circulation of low value coins, Belgium, Finland, Ireland, Italy and the Netherlands round prices to the nearest five cents (Swedish rounding) for cash payments, producing only a handful of those coins for collectors rather than general circulation.[3] Despite this, the coins are still legal tender and produced outside these states, so if a customer with a two-cent coin minted elsewhere wishes to pay with it, they may.[4]
The Dutch Bank calculated it would save $36 million a year by not using the smaller coins. According to a Eurobarometer survey of EU citizens, 64% across the Eurozone want their removal with prices rounded; with over 70% in Belgium, Ireland, Italy, the Netherlands and Slovakia.
The claim that 0.01€ coins produced elsewhere remain legal tender in the rounding countries, does not hold for Finland. No supermarket is going to accept 1- or 2-cent coins for payment even if you had enough to add up to the nearest 5-cent unit.
That doesn't mean they aren't still legal tender in Finland (which they are). Somewhat relatedly, some places also don't accept all the banknotes – that is, the largest denominations – a rule which clearly has nothing to do with the rounding rules of cents.
It feels like the discussion of "legal tender" on this thread is based on how things work in the USA. In Finland, one can be compelled to pay all kinds of debts and obligations by bank transfer, and cash is not accepted. Even banks won’t take the 1- and 2-cent coins, and so these coins are de facto so marginalized that calling them "legal tender" misses the point.
> In 1980, production of the 1-cent coin ceased and was demonetized three years later.
https://en.wikipedia.org/wiki/Dutch_guilder#Coins
> In 1999 replaced by the Euro, and gained 1-cent and 2-cent coins.
https://en.wikipedia.org/wiki/2_euro_cent_coin
The one- and two-cent coins were initially introduced in order to ensure that the introduction of the euro was not used as an excuse by retailers to heavily round up prices. However, due to the cost to business and the mints of maintaining a circulation of low value coins, Belgium, Finland, Ireland, Italy and the Netherlands round prices to the nearest five cents (Swedish rounding) for cash payments, producing only a handful of those coins for collectors rather than general circulation.[3] Despite this, the coins are still legal tender and produced outside these states, so if a customer with a two-cent coin minted elsewhere wishes to pay with it, they may.[4]
The Dutch Bank calculated it would save $36 million a year by not using the smaller coins. According to a Eurobarometer survey of EU citizens, 64% across the Eurozone want their removal with prices rounded; with over 70% in Belgium, Ireland, Italy, the Netherlands and Slovakia.