How much coinage is hoarded in Ireland?

A

Ardiff

Registered User
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Hi all,

A tricky question. I'm trying to establish how much coin money in Euro is out of circulation in Ireland.
That is, money that's sitting in a jar in my house, and your house and everyone else's house!

The Central Bank won't tell me, or can't but, how could we go about estimating this?


Any and all help welcome, but consider it an interview question!
How would you go about estimating the amount of coin money being hoarded in Ireland?

Thanks,
A
 
I'd ask 100 people. I'd also try to match the sample distribution to the population distribution, based on income. Just asking people on AAM, for example, would probably give a biased result.

I probably have about €15 in change.
 
It's going to vary significantly depending on household demographics. I know my children love playing with coins and piggy banks, so there's a huge number more coins at home now than before they arrived.
 
I have over 500 euro in a change jar, himself has a similar amount.

I used to lodge mine everytime it hit the 200 mark, but my credit union no longer allow the lodgement of bagged coins so now I just let it go on and on until the jar gets too heavy to move for hoovering underneath :)
 
truthseeker said:
I have over 500 euro in a change jar, himself has a similar amount.

I used to lodge mine everytime it hit the 200 mark, but my credit union no longer allow the lodgement of bagged coins so now I just let it go on and on until the jar gets too heavy to move for hoovering underneath :)
Click to expand...

What do you do with then?

My mother collects them and credit Union take them bagged off her but only on certain days.
 
Oh I do a giant bagging session and lodge it to my bank account. Usually happens around once a year. Last time I lodged 713 euro to my current account in bagged coins. Its a pain for me to go to the bank though because I work 9-5 Mon-Fri so I way preferred when I could lodge it in the Credit Union.
 
Thanks was just wondering. Now that yyou say it I think my mothers CU doesn't take the lodgement on a saturday anymore - it has to be mid week.
 
My daughter has a jar with coins in it. I always had one but my daughter takes all the spare coins now! She would have around €150-200 in it at the moment. Used it up 2 years ago when going on a family holiday and had the price of a digital camera.
 
becky said:
Thanks was just wondering. Now that yyou say it I think my mothers CU doesn't take the lodgement on a saturday anymore - it has to be mid week.
Click to expand...

I must check mine with that - but I think its a blanket ban.

I used to use it for particular things that were expensive and I couldnt justify (like expensive shoes or a new stereo) when I only earned a small amount a week.
 
Thanks for all of this.

There are approximately 1.25 million households in the country.
I would estimate that each would have at least €50 in coins lying around.
Ergo
€62 million in coins out of circulation.

However, the Central Bank has provided me with statistics that show since 2002 they have issued coins to the value of
€674 million across all denominations.

Divide this by the eight full years to get a figure of
€84.25 million per annum in coins on average issued in the state.

Therefore we can average this to

€73 million in hoarded coin in the state, or €58 per household.

Bearing in mind tourism, the Euro and other factors, would the forum say that this is a logical conclusion?

Thanks,
A
 
Just did a poll in our office of 5 and of the five all have coin jars with values ranging from 20-30 euro to 400 euro.
 
Thanks for that! Much appreciated.

To be honest, I figured that the money out of circulation (coins) would be higher, but there you go!

I'll keep y'all posted on further research in this area.
A
 
i don't see how any figure based on what the CB have issued in Ireland can be relied upon given that we have a currency that's in use across so many member states.
 
dereko1969 said:
i don't see how any figure based on what the CB have issued in Ireland can be relied upon given that we have a currency that's in use across so many member states.
Click to expand...


100% agreed, but it's at least a guideline. They must have some class of statistical analysis to create specific numbers of each coin.
Unless the banking system is being run on an arbitrary system of....hang on..:)
 
Do you think that one reason for hoarding coins might be the difficulty in getting rid of them? I, like many more, have a coin collection, and every 4-6 months I bag it and bring it to a local bank. Amounts range from 30 - 60 euro or so.

Last time I brought my coins (about €27 worth), I was told that they could no longer be accepted from me since I wasn't an account holder. Halifax (where my account is...for now!) didn't accept coins, neither does EBS where I have a small savings account.

Unless I use the coin converter machines in supermarkets, and lose 10-12% of the value, my only other option is to fill my purse and start spending it coin by coin!
 
gipimann said:
Do you think that one reason for hoarding coins might be the difficulty in getting rid of them? I, like many more, have a coin collection, and every 4-6 months I bag it and bring it to a local bank. Amounts range from 30 - 60 euro or so.

Last time I brought my coins (about €27 worth), I was told that they could no longer be accepted from me since I wasn't an account holder. Halifax (where my account is...for now!) didn't accept coins, neither does EBS where I have a small savings account.

Unless I use the coin converter machines in supermarkets, and lose 10-12% of the value, my only other option is to fill my purse and start spending it coin by coin!
Click to expand...

Exactly, hence my research. I'm putting a business plan together to address this issue.
 
I seem to be one of the few people who spends all my money. I use my coins for my coffee in the morning. I will give €50.73 for a bill of €30.73.

Feel like a bit of freak now.
 
No Becky - youre not a freak. I will also count out exact change if I happen to have a wallet full of change, but what happens me is I switch bags and purses around, find change in jeans pockets, in the car, occasionally go to the shop with a 20 euro note and the car keys instead of bringing my whole handbag.

Anyway, it makes for a lot of small bits of change floating around my life.

I agree its hard to get rid of it, I refuse to waste money on the coin machines and since my credit union stopped taking it my only other option is the bank, which isnt easy as I work office hours.
 
I spend the silver normally - i.e. €1 and €2


I separate the "bronze" i.e. 10cents, 20cents and 50cents and keep some in the car and some in an ashtray by the door. I spend this in the shops.

I have accumulated the "copper" for a few years.

It would be a good idea for a charity to send a van around to collect it. I would give all the copper and most of the bronze.

They could employ volunteers to bag it.

Brendan
 
or even splash out on a machine, he he, if they have van loads!

Good idea though, I'd also give all my brown coins, and the 10s and 20s, maybe not the 50's though...

I use my money in parking meters, or for bus fare the odd time, and bag the rest and lodge it on the bank.. the coppers just build up for ever...
 
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