As of tomorrow 1st July, 2015, the Eastern Caribbean Central Bank (ECCB) will no longer issue one cent and two cents coins to the commercial banks operating within the Eastern Caribbean Currency Union (ECCU).
Although the coins will no longer be issued, they will remain legal tender up to 30 June 2020 and thus can be used for purchasing goods and services or exchanged at financial institutions for face value.
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 will affect cash transactions only. Transactions using cheques and electronic payment, such as debit and credit cards, and wire transfers, will not be affected due to the fact that transactions using those methods of payments can be settled to the exact amount.
