EC 1ct And 2ct Coins Legal Tender For Only 6 More Months

January 17, 2020 in National

If you still have 1ct and 2ct coins you have until June 2020 to spend them or cash them in before they are deemed no longer legal tender.

In July 2015, the Eastern Caribbean Central Bank (ECCB) ceased issuing one-cent and two-cent coins to the commercial banks operating in the EC Currency Union.

The ECCB Monetary Council took the decision to withdraw the one and two-cent coins from circulation based on the low purchasing power of the coins and the significant cost of producing and handling the coins. The withdrawal of the coins only affected cash transactions. A rounding up or down method to the nearest 5 cent amount had been implemented for cash purchases.

Rosbert Humphrey, Acting Director in the Currency Management Department, ECCB said of the approximate 500 million pieces that were in circulation at the start of the process, more than 10 million 1ct and 2 cent pieces have been removed from circulation.

He encouraged persons to spend or redeem the coins at the banks while they are still legal tender, and encouraged businesses to accept them as payment until June.