The Central Bank urges people to stop holding onto coins and keep them in circulation.
Hugh O'Donnell, Head of Currency Issue at the Central Bank, says there are more Euro coins per head of the population in circulation in Ireland than anywhere else in the Eurozone.
The appeal was made at a ceremony in Waterford to mark the issuing of forty thousand commemorative coin sets for 2004. Reginald's Tower on Waterford Quay is one of the most famous landmarks in the country and where a mint was established in 1463. Demonstrations show how coins were first minted.
It was from here that Ireland's first ever case of money laundering occurred.
Hundreds of years ago, the person in charge of minting had coins shipped to Iceland in order to avoid paying taxes.
At the launch of the commemorative coin boxset today, it was revealed that tens of thousands of Irish people have reverted to the old habit of hoarding coins.
Hugh O'Donnell points out that,
Irish people don't bother with the one cents and two cents and five cents. They're still putting them in the jam jars like they used to do.
Ireland is producing 700 million coins every year to try to keep up with the demand.
There is also an issue with the condition of the current five euro notes. People are not returning the old five euro notes to the bank so a new supply can not be issued.
There's currently sixty million five euro notes waiting for distribution.
An RTÉ News report broadcast on 24 November 2003. The reporter is Damien Tiernan.
