Demand for circulating euro coins in Ireland in 2023 dropped 38% from demand the previous year, according to the Central Bank of Ireland’s latest annual report.

The reduction in demand fell disproportionately on the coins denominated 20-cents and under, and no 1- and 2-cent coins were issued in 2023, according to the 2023 report, which was released May 30.

The Bank issued approximately 47 million coins (valued at €24 million, or about $25.84 million U.S.) in 2023, down from 76 million coins worth €35 million ($37.68 million U.S.) in 2022.

Contributing to this drop in issuing coins was an increase in the number of coins deposited with the bank in the same year.

Lodgments (deposits) totaled 42 million coins (worth €16 million, or about $17.23 million U.S.) in 2023, an increase from 33 million coins (worth €16 million) deposited the year before.

The notable circulating coin issue of 2023 was the circulating commemorative €2 marking the 50th Anniversary of Ireland’s membership of the European Union. A total of 500,000 examples of the coin were released into circulation June 22, 2023.

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