T&T to stop minting one cent coins

The Central Bank of Trinidad and Tobago (CBTT) says it will stop issuing one cent coins as legal tender in July and hopes to save significant amount of money as a result of the move. The Bank said the cost of minting “is about 21 cents for each one cent coin.”

“At present, the one cent coin is still legal tender and persons can still choose to offer the one cent coin in the payment of cash transactions until July 2, 2018.  Effective July 3, 2018, the one cent coin will cease being legal tender and cannot be used to make cash payments.”

The CBTT said that following the July 3, vendors will not have to engage in “rounding” that involves “the lesser or greater adjustment of a final cash payment to the nearest five or 10 cents where the one cent coin is unavailable.”

But the bank noted that according to the legislation “the cost of individual items, fees, taxes or duties shall be calculated to the exact amount required by law or by contract prior to the rounding of the total amount of a bill paid in cash.”