20 euro cent fake11/24/2023 ![]() ![]() ![]() Last year the Governing Council of the European Central Bank decided that it would phase out the 500-euro note to curb terrorist financing and money laundering. ![]() German retailers also wanted to keep the coins, if only to continue the trend of so-called psychological pricing (sometimes called charm pricing) - for instance, when a product is listed at 9.99 euros rather than the full 10. In Germany an estimated 79 percent of all transactions are conducted in cash. Stefan Hertel, press spokesman for the German trade association HDE, told Deutsche Welle at the time, "There are relevant surveys, including from the German Central Bank, that show that a huge majority of consumers like the 1- and 2-cent coins and want to keep them." In 2013 the European Commission reported that the difference between production costs for the small coins and their face value since their introduction had grown to more than 1.4 billion euros (US $1.8 billion at the time). Other European Union countries, including Germany, have also considered scrapping the 1- and 2-cent coins, but decided against it. In Belgium, Finland, the Netherlands and Ireland, prices are often rounded to the nearest multiple of 5 cents to avoid using the smaller denominations, though they remain legal tender. Since the euro was introduced in 2004, Italy has spent millions on manufacturing the coins, whose inside is made of iron and whose outside is copper. ![]()
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