Trinidad and Tobago scraps 1 cent coin

Photo of Port of Spain
Trinidad and Tobago’s capital, Port of Spain

The Central Bank of Trinidad and Tobago is getting rid of its smallest denomination coin in an initiative that could see it save TT$15 million ($2.2 million) in minting costs. 

In a statement published at the beginning of June, the central bank announced it would be scrapping the 1 cent coin and introducing a rounding scheme for cash payments. 

The central bank informed the public that transactions ending in a 0 or 5 will remain, while those ending in a 1, 2, 6 and 7 will be rounded down to th