Government estimates maximum impact to households at 0.14 per cent
Small change coins could be withdrawn from circulation and a new rounding system implemented.
A public consultation is underway which asks what impact removing 1, 2 and 5-pence coins would have.
The rounding system would see the total payment shifted to the nearest zero or 10-pence if paying in cash but card transactions would remain unaffected.
Treasury Minister Dr Alex Allinson was asked if the move penalises those who solely use cash:
You can see the consultation by clicking HERE, alternatively written comments should be directed to treasuryconsultations@gov.im.
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