Central Banks Report on 2023

Many central banks continue to issue their annual reports for 2023 as the year progresses – including the Central Bank of Ireland (Banc Ceannais na hÉireann) and Reserve Bank of India. Here we provide a summary of the workings of both banks over the previous year in relation to coinage.

Ireland

The Central Bank of Ireland (CBI) issued 47 million coins with a value of €24 million in 2023. This represents a 38% decrease in coins issued, in comparison to the 76 million coins with a value of €35 million issued in 2022. The CBI received lodgements of 42 million coins (equivalent to €16 million in value), representing a 27% increase compared to the previous year.

Issuance of the lowest denomination coins was unsurprisingly low, with the 1 and 2 cent coins remaining legal tender but less used to the rollout of a coin rounding programme in October 2015. Coin issues fell across the board, with the number of 5 cent coins issued dropping from around 25 million to 18 million. Figures for the 10, 20 and 50 cent decreased by approximately 6 million (to roughly 8 million pieces issued in total), 7 million (6 million pieces issued), and 2 million (4 million pieces issued), respectively. Issuance of €1 and €2 euro coins fell by 4 and 2 million (to 3 and 8 million), respectively.