£30 Million Worth Of Coins Hoarded In Irish Households
According to the results of a survey published by the Central Bank of Ireland today (Monday, 4 December), it is estimated that there is almost £30 million worth of coins hoarded by Irish households. The survey reveals for the first time the extent of coin hoarding by the Irish public and the Central Bank plans to draw on its findings to encourage people to use coins and small change when shopping this Christmas.
Among the results of the survey, conducted on behalf of the Central Bank by MRBI:
- It is estimated that there is about 550 million coins hoarded in households throughout the country with a value of £27.9 million
- The average coin hoard for all households is approximately £24 (respondents estimated they hoarded on average only £15)
- 50% of all households in the country indicate that they hoard loose change
- Most respondents hoard 1p and 2p coins, although 1 in 10 say they hoard £1 coins
- 72% of households who hoard coin keep it in one place - the most popular method of storing hoarded coin is in glass bottles (29%) followed by jam jars (21%), piggy banks (13%) and plastic bottles (12%).
The Central Bank has issued more than 250 million additional coins in the past year, representing an annual increase of 16.5%. Despite this, the survey confirms that a large proportion of this quickly moves out of active circulation.
A spokesman for the Central Bank said: “This is the busiest shopping period of the year when the largest amount of cash is needed in the economy. We would strongly encourage people to use their small change when spending in shops this Christmas or to think of giving it to charities. It will make life easier for everyone – the consumer will not be left carrying around large amounts of loose change and shops and banks will not run short of small coins.”
With just under a year to go before the introduction of the euro, the spokesman added that now is a good time for people to consider putting their own hoarded coin back into circulation. “Almost £30 million is being hoarded in homes all over the country. Over the coming weeks we would encourage people to check how much they have in loose change in glass bottles and other containers at home. The survey shows that people estimate they have much less hoarded coin than is, in fact, the case. There is, on average, £24 worth of hoarded coin in every household in the country. It is well worth taking the time to count and bag this money and take it to your local bank. The Christmas holiday period is an ideal time for people to do this.”
Retailers and banks are supporting the Central Bank’s campaign to encourage the greater use of small change when shopping and the dislodging of hoarded coins from households. Banks will not charge their personal customers for lodging properly sacheted coinage and supermarkets and other retailers have told the Central Bank that they would welcome their customers giving the correct change when shopping. Further information:
Neil Whoriskey, Press Office: (01) 671 6666; (087) 221 9199.