Frequently asked questions
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If I have the exact change, will the business still need to round up or down?

No. If you have the exact amount in cash, your total bill will not be rounded. Although 1 and 2 cent 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 until then.

Are businesses/retailers expected to follow the ECCB rounding rules?

The rounding rules will be adopted into legislation by all ECCU member governments for cash transactions. Businesses/retailers are therefore expected to round the total (or the amount owed) of any cash transaction in the prescribed manner from 1st July 2015.

Will the rounding rules affect taxes?

No. The price for individual items, as well as duties, fees or taxes should be calculated as usual in their exact amount prior to rounding.

Do businesses/retailers round the prices of individual items?

Only the total in a cash transaction should be subject to rounding. The price of individual items, as well as any duties, fees or taxes should be calculated in their exact amount prior to rounding.

Will this rounding system affect all my transactions, if not, what happens to my other transactions?

The rounding system will only affect cash transactions.

Rounding will not be applied to non-cash payments such as cheques, debit and credit cards. Payments made using these non-cash methods do not need to be rounded, because they are settled electronically to the exact amount.

However all transactions for which EC cash will be given back as change or for settlement require rounding, such as the exchange of foreign currency, or the use of third party cheques.

How will rounding work?

Only cash transactions require rounding. The rules indicate that when the total transaction value ends in x cents and payment is by cash rounding should be done up or down to the nearest five cent increment as follows:

  • Where the total cash payment by any consumer or vendor is of a value ending in one cent or two cents, it shall be rounded down to the nearest ten cents.
  • Where the total cash payment by any consumer or vendor is of a value, ending in three cents or four cents, it shall be rounded up to the nearest five cents.
  • Where the total cash payment by any consumer or vendor is of a value, ending in six cents or seven cents, it shall be rounded down to the nearest five cents.
  • Where the total cash payment by any consumer or vendor is of a value, ending in eight cents or nine cents, it shall be rounded up to the nearest ten cents.
  • Where the total cash payment by any consumer or vendor is of a value ending in zero cents or five cents, it shall remain unchanged.
If I cannot get one and two cents coins back as change, what then will happen?

The rounding rules will be used for settlement of all cash transactions once the exact payment is not made.

From 1 July 2015 should businesses give me one and two cent coins as change?

Businesses will be encouraged not to give back one and two cent coins as change since the coins are being removed from circulation.

Can I still use the one and two cent coins after 1 July 2015?

Yes. The coins can still be used to purchase goods and services as they remain legal tender up to 30 June 2020. Alternately the coins can be deposited or exchanged for face value at any of the commercial banks within the Eastern Caribbean Currency Union (ECCU) during the five year period ending 30 June 2020.

What will happen on 1 July 2015?

The ECCB will stop issuing one and two cent coins to commercial banks and the commercial banks will no longer issue these coins to the public. Rounding rules will be applied for the settlement of cash transactions. (Kindly refer to answers for questions 5-12)

Why are the one and two cent coins being withdrawn?

The significant cost of producing and handling the coins coupled with their very low purchasing power and the public’s perceived inconvenience in using the coins are the main reasons for withdrawing the coins. Everyone will benefit from the withdrawal.

What are the diameters and weights of the 2002 round coin family?

Denomination

Diameter (mm)

Weight (Grams)

One Cent

18.42

1.03

Two Cents

21.46

1.42

Five Cents

23.11

1.74

Ten Cents

18.06

2.59

Twenty-Five Cents

23.98

6.48

One Dollar

26.50

7.98

Where can I purchase numismatic collections issued by the ECCB?

Numismatic collections can be purchased directly from ECCB Headquarters, ECCB Agency Offices and commercial banks in member territories. For further details please refer to the Numismatic Collections page in the Currency Section of our website.

Can I obtain specimen notes from the ECCB?

Specimen notes are only issued to Commercial Banks in the ECCB's member territories and selected Central Banks.

Where are EC banknotes and coins printed and minted?

De La Rue Currency, United Kingdom, prints banknotes for the Eastern Caribbean Currency Union (ECCU), while the Royal Mint, Canada, mints our coins.

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