From today, businesses across Wexford have started taking part in a trial that will see the 1c and 2c coins 'phased out'. 250 companies have signed up for the Central Bank's Rounding Trial, which will see all cash transactions rounded to the nearest 5 cent.

The trial is voluntary at the moment, with customers still able to pay in small 'coppers' or request exact change. However, the Wexford trial could mark the first step towards completely phasing out the two coins in Ireland.

Ronnie O'Toole, Programme Manager of the Central Bank's National Payments Plan, what will happen after the trial run:

Rounding up or down cash payments - also called Swedish rounding - and the abolishment of smaller denomination coins has been introduced successfully in other European countries. Belgium, the Netherlands and Finland are some of the Eurozone countries to allow Swedish rounding to the nearest five cent, with Finland having had the policy in place since day one of the currency.

National banks have claimed the coins are too expensive to mint and distribute, while some businesses have argued the small denominations are too awkward and costly to deal with. Another common complaint among cash users is how the small denominations accumulate, clogging up wallets & purses.

Despite a majority of Europeans being in favour of the removal of 1c and 2c coins (with Belgians most in favour and Germans most opposed), the European Commission's general recommendation is "Member States should not adopt new rounding rules to the nearest five cent". One of the most commonly cited arguments is that prices such as 99c are more appealing to customers than €1, and pricing strategies such as that are reliant on the small coins.

Do you think the 1c and 2c coins should be phased out on a national level? Do you think the small denominations are necessary for business or a mere annoyance? Would you be happy to have transactions rounded up or down to the nearest 5c? Vote in our poll and leave your comments below.