From May 7, 2014, the Central Bank of Barbados will no longer be issuing one cents
From May 7, 2014, the Central Bank of Barbados will no longer be issuing one cents. The decision to phase out the lowest denomination coin was based on its high production costs compounded by low redemption rates, which necessitated the minting of large volumes annually.
The phasing out of the one cent coins will affect the way that cash transactions are handled. The Bank has therefore drafted a set of rounding guidelines, which will allow retailers and consumers alike to conduct business with minimal interruption. As per the guidelines, the prices of individual items must not be altered in any way. At the checkout, however, when payment is being made in cash, the total of all the items to be purchased will be rounded up or down to the nearest .05. Totals ending in .01 or .02 will be rounded down to .00. Similarly, totals ending .06 or .07 will be rounded down to .05. Conversely, totals ending .03 or .04 will be rounded up to .05, and those ending .08 and .09 will be rounded up to .10. The maximum gain or loss for any single transaction is .02. Non-cash transactions, e.g. those made using debit or credit cards or by cheque, will not be subject to rounding as exact payment can be made.
Although one cents will no longer be issued, they can continue to be spent at retailers that choose to accept them, or, alternatively exchanged at financial institutions indefinitely.
February 6, 2014
One Cent Coin Removal Frequently Asked Questions