Enda Kenny
Question:108 Mr. Kenny asked the Minister for Finance where Irish coinage is minted; the annual cost of this for the past 10 years; and the estimated saving to the Exchequer following the introduction of the £1 coin.
Written Answers. - Irish Coinage.
With the limited exceptions set out below, the Irish coinage is minted in the Currency Centre, Sandyford, Co. Dublin by the Central Bank.
At present, the 50p coin is minted in the UK. However, the Government recently announced that the 50p is to be redesigned and will be minted in Ireland in future.
Because of the limited capacity of the facilities at the Currency Centre, 20 million of the 50 million £1 coins which are being issued this year were minted in the UK. The ECU commemorative coins were also minted abroad for similiar reasons.
The average annual cost of producing the coinage for the past ten years is £1.86 million per annum.
At the costs of the coinage are borne by the Central Bank, savings from the introduction of the £1 coin will not accrue to the Exchequer. It is currently estimated that there will be a net saving of about £300,000 per year after 5-7 years of issue.