Written answers

Thursday, 2 May 2013

Department of Finance

Euro Coins Production

Photo of Pearse DohertyPearse Doherty (Donegal South West, Sinn Fein)
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53. To ask the Minister for Finance further to reports that it costs the State 1.65c to create a 1c coin, if he will confirm the unit cost of creating the following specie - 2c, 5c, 10c, 50c, 1 euro and 2 euro. [20862/13]

Photo of Michael NoonanMichael Noonan (Minister, Department of Finance; Limerick City, Fine Gael)
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The average cost of producing each coin denomination is as follows:

2c2.07c
5c3.01c
10c5.16c
20c6.76c
50c8.27c
1 Euro9.75c
2 Euro14.25c

In any given year the cost of striking each denomination of coin is dependent upon the total volume and combination of coins produced. It should also be noted that material costs can fluctuate. Economies of scale are an important element in the allocation of costs. In years of high production the average cost of production per coin falls and vice versa.

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