February 12, 2013 – The National Bank of Poland is planning to abolish the 1 and 2 grosz coins, the smallest denominations equalling around the third of a US penny and its double respectively. The Wall Street Journal reports that Polish economists estimate the metal value of these coins about three times as high as their face value making the production highly unprofitable.
The small coins were introduced in 1995, but due to heavy inflation they may face the same fate as the Canadian penny and maybe the US penny on whose future debates are still going on.
According to the National Bank these plans will not meet strong resistance although prices will be rounded up to.
You can read a full article on that topic online on the website of the Wall Street Journal.
This is the website of the National Bank of Poland.
We reported recently about a new US Mint coin study regarding an elimination of the penny. You can read about it here.
You will find some thoughts by Richard Giedroyc regarding the hidden costs of the Canadian cent’s elimination here.