Eesti Pank did put a lot of 1 and 2 euro cents coins in circulation in 2020
- May 11, 2020
The Estonian Central Bank (Eesti Pank) stated in a recent report by analyst Martti NAKSI that it issues coins according to the demand of retail banks and trade agents.
In the first quarter of 2020, 4.2 million coins worth €2.9 million were issued and 0.6 million coins worth €0.8 million were returned to the central bank.
Of these issued coins (Editor’s note: for central banks, an issue is a physical removal of coins from central bank counters) during the first quarter, 42% were one- and two-cent coins.
This finding is interesting insofar as it arises in a country that is questioning the usefulness of maintaining a national issue (i.e. production) of 1- and 2-cents coins.
Contrary to what is often indicated, the populations and often the businesses are in demand for these “small face value” coins. This is the case in Estonia, according to this study.
War between the supporters of the “all-digital” and the supporters of the “payment system” in cash is not about to end.
As far as we, as numismatists and consumers, are concerned, the choice is quickly made. Long life to the small denominations of 1 and 2 cents!
Sources: Eesti Pank and NUMISMAG.