Thursday, 2 May 2013

Questions (53)

Pearse Doherty

Question:

53. Deputy Pearse Doherty asked 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]

View answer

Written answers (Question to Finance)

The average cost of producing each coin denomination is as follows:

Coin denomination

Unit cost

2c

2.07c

5c

3.01c

10c

5.16c

20c

6.76c

50c

8.27c

1 Euro

9.75c

2 Euro

14.25c

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.