Millions of low-value coins unused

There are 680 million 1c and 2c coins currently in circulation in Belgium, reports La Dernière Heure. The Royal Mint of Belgium will have to mint 34 million 1c and 22 million 2c coins this year to cope with the demand from bankers. Even though hundreds of millions of these coins are already in circulation, Belgians tend to hold on to them and keep them at home. “The ‘return’ of small denominations is traditionally limited,” explains Royal Mint commissioner Bernard Gillard. “This was already the case with one Belgian franc coins, 3.4 billion of which were never returned to the Royal Mint. In total, 106 million coins are going to be minted this year. More than four billion coins have been minted since the advent of the euro. There won’t be any more €1 coins, however, as current stocks can meet the demand for the next two years.