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One Cents Being Phased Out of Circulation
On May 7, 2015, the Central Bank of Barbados stopped issuing one cent coins. The decision to phase out the one cent coin, which had been in circulation since 1973, was based on its high production costs, compounded by low redemption rates, which necessitated the minting of large volumes annually.
The Central Bank introduced regulations outlining how cash transactions are to be handled in the absence of one cents. These regulations allow retailers and consumers alike to conduct business with minimal interruption. As per the regulations, the prices of individual items are not to be altered in any way. At the checkout, however, when payment is made in cash, the total of all the items to be purchased is rounded up or down to the nearest .05. Totals ending in .01 or .02 are rounded down to .00. Similarly, totals ending .06 or .07 are rounded down to .05. Conversely, totals ending .03 or .04 are rounded up to .05, and those ending .08 and .09 are 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, are not subject to rounding as exact payment can be made.
Despite no longer being issued by the Central Bank, one cent coins can be exchanged at commercial banks indefinitely.
February 6, 2014
One Cent Coin Removal Frequently Asked Questions
Legislation