Cents, two-cent coins taking permanent vacation in Caribbean
- Published: Jun 10, 2015, 12 PM
Cents and 2-cent coins are being permanently retired in the Eastern Caribbean Currency Union.
The Eastern Caribbean Central Bank as of July 1 will no longer circulate the small denomination coins, but they will remain legal tender through June 30, 2020.
The coins are being withdrawn because of their low purchasing power and high production and distribution costs.
The withdrawal of the coins will affect cash transactions only. All cash purchases will be rounded to the nearest increment of five cents.
Retailers are supposed to round only a total transaction price, not each item individually. Purchases made with exact change do not have to be rounded, and electronic payments will continue unchanged.
The ECCB is the monetary authority of a group of six independent Caribbean nations: Antigua and Barbuda; Grenada; Saint Kitts and Nevis; Commonwealth of Dominica; Saint Lucia, Saint Vincent and the Grenadines; and two British overseas territories: Anguilla and Montserrat.
The 1- and 2-cent coins all have Ian Rank-Broadley's depiction of Queen Elizabeth II on the obverse. The reverses carry the denomination numeral along with other markings. These coins for the East Caribbean States share common designs.
As of June 10, one Caribbean dollar was equivalent to about 37 cents U.S.
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