1 cent euro coins

1 cent euro coin (€0.01) is the smallest and lowest domination of the euro coins.

Design

The coins are made of a steel core plated with copper. They have a diameter of 16.25 mm, a 1.67 mm thickness and a mass of 2.30 grams. All coins have a common obverse side and country-specific national reverse.

The present common design displays "Europe's place in the world", bordered by North Africa, the Middle East and Asia. The fifteen then-European Union member states are highlighted but this was not considered prominent enough to warrant a change in design when the non-copper coins were redesigned in 2007 to reflect the post-2004 enlargements. This side also shows a large figure 1 and the words "euro cent", twelve stars are also displayed in two groups along the edge.

Although there are no plans to get rid of the one cent coin, the Commission and some member states have proposed that its national side be standardised across the eurozone to reduce the cost of its production.

Usage

Finland and Netherlands businesses and banks employ a method known as "Swedish rounding" when tallying sums. Due in large part to the inefficiency of producing and accepting the 1 cent and 2 cent coins, Finland has opted to remove these coins from general circulation in order to offset the cost involved in accepting them. The 1 cent and 2 cent coins are legal tender and are still minted for collector sets as required by the European Monetary Union (EMU) agreement. However, they are effectively only usable in five cent lots in those two countries.

While individual prices are still shown and summed up with € 0.01 precision, the total sum in Finland and the Netherlands is then rounded to the nearest € 0.05. Sums ending in € 0.01, € 0.02, € 0.06 and € 0.07 are rounded down to the nearest 5 cents; sums ending in € 0.03, € 0.04, € 0.08 and € 0.09 are rounded up to the nearest 5 cents.

A survey in 2004 found a majority of citizens wanting the one and two cent coins to be withdrawn across the eurozone, support being highest for the withdrawal of the one cent coin. However, citizens in Germany were most vocal in the support of keeping the coin . At present, the three copper coins together represent 80% of all new coins minted in the eurozone.

National sides

Former designs

Designs still in circulation but no longer minted:

Planned designs

Planned designs to come into circulation once the members who designed them adopt the euro. The dates shown below are tentative and have not been confirmed. They have been mentioned in the media and several other sources, but are subject to change.

See Enlargement of the eurozone for more details of the schedule for these and other countries.

External links

*cite web|url=http://www.ecb.int/bc/euro/coins/1cent/html/index.en.html|title=National sides of 1 cent euro coins|publisher=European Central Bank|accessdate=2007-04-17