Have you been hoarding eurocents?

29th January 2013, Comments 0 comments

Belgians are famed for the amount of cash they deposit on savings accounts, but it's not only there that they have been hoarding.

This year the Royal Belgian Mint will have to produce more eurocent coins because too many people are hoarding them in jam jars and the like.

Hoarding must be in Belgians' genes. Belgians have a hard time spending money and countless eurocents too are out of circulation because people are not spending them. The daily La Dernière Heure reports that this year alone the Royal Mint will have to produce 34 million new one eurocent coins and 22 million new two eurocent coins.

Hundreds of thousands of euros in eurocent coins are stashed away in Belgian drawers, piggybanks or in a sock under your mattress.

Have you been hoarding eurocents?

The tale is not a new one. Belgians did just the same with one franc coins and fifty centimes coins if you are old enough to remember those!

3.4 billion coins worth 84 million euros went "missing" and were never exchanged for euros when the troubled currency was introduced here.

More and more people are calling for the withdrawal of the one and two eurocent coins because they are such a nuisance! If this happens prices would be rounded down or - far more likely - rounded up to the nearest five eurocents.

And there is more: eurocents too cost money! Minting a eurocent costs over one eurocent. Minting a two eurocent coin costs just under two eurocents.



[Flandersnews.be / Expatica] 

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