Farewell! One-cent coin ceases to be legal tender at midnight

For many, it's been somewhat of the nuisance in the wallet, the smallest monetary representation in T&T with minimal use, the one-cent coin.

But if ever it needed your love, one last time, it would be today. 

As of tomorrow, Tuesday, July 3rd, the one-cent coin will cease to be legal tender in Trinidad and Tobago.

The Central Bank had said in a statement on April 1, 2018, that the public could redeem one-cent coins at commercial banks or the Central Bank up to July 2, 2018.

In July 2017, the Central Bank stopped issuing the coins and set July 3rd as the day it would no longer be legal tender and initiate a rounding-off system.

The Central Bank said the change will only affect cash transactions; all non-cash transactions such as cheque and electronic payments will continue as usual as there would be no need to round these payments. 

The regulations, which make rounding mandatory, will come into effect tomorrow.

These Regulations were published as Legal Notice No. 35 of 2018 dated March 29, 2018.

Rounding is the lesser or greater adjustment of a final cash payment to the nearest five or 10 cents.

For example: Nearest Multiple of 5 Cents

A payment of $1.03 shall be rounded to $1.05
A payment of $1.04 shall be rounded to $1.05
A payment of $1.08 shall be rounded to $1.10
A payment of $1.09 shall be rounded to $1.10
A payment of $1.01 shall be rounded to $1.00
A payment of $1.02 shall be rounded to $1.00
A payment of $1.06 shall be rounded to $1.05
A payment of $1.07 shall be rounded to $1.05

The one-cent coin is clearly defined as a small copper coin with the Hummingbird on a Balisier flower on one side and the Coat of Arms on the other.

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