Last accessed: 01.10.2026

„Dafür steht ihm der Münzgewinn (Differenz zwischen dem Nennwert der Münzen und den Material- und Produktionskosten) zu, der in den Bundeshaushalt eingeht.""

Last accessed: 01.10.2026

"In 2025, they stood at only 12.4 % (1 cent coins) and 14.9 % (2 cent coins)."

Last accessed: 04.10.2026

"The difference between the face value of circulating coins and the full cost of producing the coins is called seigniorage, which is transferred periodically to the Treasury General Fund to help finance the national debt"

"The Mint generates revenue through three channels: the issuance of circulating coins to the FRBs, the sale of numismatic products to the public, and the sale of bullion coins to authorized purchasers."

"Current pennies are made from copper-plated zinc. Only one supplier in the global market provides the planchets for penny production."

"C99750TM (high manganese) could improve seigniorage by an estimated $6.4 million."

"As noted within this report, manufacturing costs are increasing, and coin orders are decreasing. With tighter margins, the ability to switch between validated alternative metals could make a significant difference for the Mint to maintain seigniorage."

"As a result, approving this legislation would allow the Mint to pivot back and forth between validated metal compositions to save money based on the fluctuating costs of various metals"

"Reducing overall production costs."

Last accessed: 03.10.2026

"In 2016, euro area national central banks (NCBs) checked 32.3 billion euro banknotes for quality and authenticity using their high-speed machines."

"Fitness measurement is usually performed by banknote processing (sorting) machines that process up to 33 banknotes per second, capture an image of the banknote, apply various algorithms to the image and finally decide whether the note is fit or unfit for circulation"

"the lifespan of the Europa series €5 and €10 banknotes has been extended by applying an additional protective varnish layer."

"Poor-quality banknotes are likely to be rejected by vending machines and also make it difficult for the public and retailers to spot counterfeits."

"The Eurosystem has a duty to ensure public confidence in euro banknotes by maintaining adequate quality in circulation."

Last accessed: 03.10.2026

"Just as taking out a new loan creates money, the repayment of bank loans destroys money."

"Reserves can only be lent between banks, since consumers do not have access to reserves accounts at the Bank of England."

"Interest rates on both banks' assets and liabilities depend on the policy rate set by the Bank of England, which acts as the ultimate constraint on money creation."

"In the modern economy there are three main sets of constraints that restrict the amount of money that banks can create."

Last accessed: 03.10.2026

"Klammert man das Bargeld aus, entsteht Geld im Sinne der Geldmenge M3 durch Transaktionen zwischen Banken und Nichtbanken"

"Buchgeld kann nicht nur geschaffen, sondern auch vernichtet werden. Dies ist gleichbedeutend mit der Ausbuchung der zuvor geschaffenen Sichteinlage."

"Buchgeld entsteht auch, wenn eine inländische Nichtbank eine Bareinzahlung auf ihr Konto vornimmt. Die Geldmenge verändert sich dadurch jedoch nicht, da der Bargeldumlauf in derselben Höhe abnimmt, in der die Sichtguthaben ansteigen."

"Transferiert Kunde X sein Sichtguthaben nicht bargeldlos, sondern lässt es sich ganz oder teilweise bar auszahlen, um Barzahlungen zu leisten, besteht für Bank A ebenfalls ein Bedarf an Zentralbankguthaben, da Bank A Bargeld von der Zentralbank gegen Verrechnung mit Zentralbankguthaben erhält"

"Das stilisierte Beispiel zur Geldschöpfung zeigt im Besonderen, dass die Kreditvergabe grundsätzlich ohne vorherige Zuflüsse von Kundeneinlagen stattfinden kann."

"Die Geldschöpfung des Geschäftsbankensektors vollzieht sich in der Hauptsache durch Kreditgewährung."

Last accessed: 03.10.2026

ℹ️The following quotation is located in a collapsible section (question: "Was kostet die Herstellung einer Banknote?")

"Die Herstellungskosten von Banknoten hängen von verschiedenen Faktoren ab, z. B. der Größe der Banknote, der Ausstattung mit Sicherheitsmerkmalen und der Produktionsmenge. Im Durchschnitt kostet die Herstellung einer Euro-Banknote etwa 10 Cent."

ℹ️The following quotation is located in a collapsible section (question: "Welchen Lebenszyklus haben Banknoten?")

"Die kleineren, häufiger für Transaktionen genutzten Stückelungen bis 50 Euro haben eine durchschnittliche Umlaufdauer von vier Jahren. Größere, mehr zu Sparzwecken verwendete Stückelungen ab einem Nennwert von 100 Euro sind teilweise über zehn Jahre im Umlauf. Man kann also sagen, dass die Umlaufdauer mit steigendem Nennwert zunimmt."

Last accessed: 03.10.2026

"Bei der Herstellung der Euro-Banknoten arbeiten die nationalen Zentralbanken und die Europäische Zentralbank (EZB) zusammen. Zunächst wird berechnet, wie viele Banknoten im jeweiligen Jahr benötigt werden. Es müssen genügend Banknoten hergestellt werden, damit nicht mehr umlauffähige Banknoten ersetzt und eine erwartete (z. B. saisonal bedingte) erhöhte Nachfrage und ein unerwartet gestiegener Bargeldbedarf gedeckt werden können. Die nationalen Zentralbanken liefern Prognosen für den Euro-Banknotenbedarf des kommenden Jahres. Die EZB erstellt eine zentrale Prognose. Unter der Federführung der EZB werden die Banknoten von den nationalen Zentralbanken umverteilt, damit in keinem Land Engpässe oder Überschüsse entstehen."

"Bei der Herstellung der Geldscheine kommen verschiedene Druckplatten, Spezialdruckfarben und mehrere Verfahren zum Einsatz: Offset- und Stichtiefdruck, Heißprägeverfahren für das Hologramm und Siebdruck für die Zahlen mit Farbwechsel."

Last accessed: 04.10.2026

"FY 2024 circulating seigniorage was $99.5 million, 60.0 percent lower than last year"

"FY 2024 circulating coin shipments to the Federal Reserve Bank decreased by 4.6 billion units (44.1 percent) to a total 5.9 billion coins compared to last year. The year saw decreases in shipments of all denominations except the half-dollar, which resulted in decreased revenue and seigniorage compared to last year. The overall shipment mix increased for quarters and pennies compared to last year; the relative mix of nickel and dimes decreased."

Last accessed: 04.10.2026

"Although banknote liabilities are not remunerated, in general the assets held against banknotes in circulation are interest-bearing and generate income for central banks."

"The ECB and the euro area NCBs, which together constitute the Eurosystem, legally have the right to issue euro banknotes on the basis of Decision ECB/2010/29. In practice, however, euro banknotes are physically put into and withdrawn from circulation only by euro area NCBs. The total value of euro banknotes in circulation is allocated to the Eurosystem central banks on the last working day of each month in accordance with the banknote allocation key defined in that Decision. The relevant amounts are disclosed in the ECB's and NCBs' balance sheets as a liability under "Banknotes in circulation"."

Last accessed: 04.10.2026

"A record 80% of respondents believe the euro is good for the EU and 70% consider the euro good for their own country. The Eurobarometer survey was conducted among some 17,700 respondents from the 19 euro area Member States between 22 and 29 March 2021. The Eurobarometer survey and the results of a separate open public consultation find that an increasing number of citizens support rounding rules and the abolishment of one and two-cent coins. The Eurobarometer shows 67% of the public are in favour of abolishing one- and two-euro cent coins through mandatory rounding (up or down) of the final sum of purchases to the nearest five cents. There is majority support for this in all 19 euro area Member States. The summary of the open public consultation on rounding rules shows that 72% of respondents do not find one- and two euro cent coins useful and 71% consider that rounding rules to the nearest five euro cents should be introduced. A majority of respondents consider that rounding rules should be mandatory (71%) and harmonised in the euro area (77%). The public consultation attracted 17,033 responses. The public consultation took place over the course of 15 weeks, between 28 September 2020 and 11 January 2021."

Last accessed: 04.10.2026

"Most respondents consider that rounding rules to the nearest five euro cents should be introduced (71%)"

"the 1- and 2-euro cent coins should be discontinued (70%)."

"Contributors largely consider that rounding rules should be mandatory (76%)"

"they should be harmonised in the euro area (77%)"

"47% of the respondents in the rounding Member States which, based on their experience, consider that the existing rounding rules in their Member State did not cause a general increase in prices."

"A majority of responses received on the same topic from contributors from rounding Member States show that the impact of rounding rules is positive or neutral on consumers in general (62%)"

"85% consider that the potential environmental impact would be beneficial (63%) or neutral (22%)"

"42% of retailers and service providers in the non-rounding Member States consider that the usage of 1- and 2-euro cent coins is rather burdensome for their businesses"

"more retailers and service providers in non-rounding Member States consider that the expected impact on their businesses of the possible introduction of rounding rules would be positive (42%) compared to negative (30%)."

Last accessed: 04.10.2026

"The Mint recognizes revenue from the sale of circulating coins at face value when they are shipped to the FRBs"

"The decision was influenced by the rising cost of producing the penny, which has increased to 3.02 cents per penny"

"Circulating seigniorage for FY 2025 was positive $34.2 million"

"In FY 2025-unit costs for the penny (3.02 cents) and the nickel (13.31 cents) were higher than their face value for the 20th consecutive fiscal year."

"In contrast, the unit costs of the dime and quarter-dollar remained below their face value."

Last accessed: 04.10.2026

"Langfristig beeinflusst das Wachstum der Geldmenge die Preisniveauentwicklung."

"Auf längere Frist ist Inflation stets ein monetäres Phänomen."

"Zwar führt nicht jeder übermäßige Anstieg der Geldmenge zwingend zu höherer Inflation, jedoch geht – aus der anderen Richtung betrachtet – eine anhaltend höhere Inflation immer mit einem übermäßigen Wachstum der Geldmenge einher. Daher lautet eine seit Jahrzehnten bekannte volkswirtschaftliche Erkenntnis, dass Inflation auf lange Sicht letztlich stets und überall ein monetäres Phänomen ist (monetär = geldlich, von lat. moneta: Münzprägestätte, geprägtes Geld). Inflation hat also langfristig betrachtet immer mit Geld und der Entwicklung der Geldmenge zu tun – eine Erkenntnis, die vielfach durch wissenschaftliche Untersuchungen belegt wird."

Last accessed: 04.10.2026

"No evidence from the mystery shop exercise suggested that the Trial had an inflationary effect on prices."

"No evidence from any of the mystery shops suggested that the Rounding Trial had a direct inflationary effect on the price of goods."

"Over half (55%) of consumers agreed that price inflation would not be exacerbated by the introduction of rounding"

"While half (51%) originally felt rounding would have an inflationary effect on prices, this subsequently dropped to just 2% post Trial"

"The evidence suggests that 1c and 2c coins are not used actively by consumers and are expensive to mint."

"The large quantity of 1c coins issued annually, relative to existing stock, suggests that many of these coins are not actively circulated throughout the economy"

"the production costs of 1c coins exceed their face value (unit cost of 1.65c)"

"the production costs of 2c coins being only slightly lower than their face value (unit cost of 1.94c)"

"The experience from countries who have introduced such measures suggests that rounding of the final transaction total, rather than individual prices, curtails any inflationary effects"

"but hoarded by consumers who do not like using them for transactional purposes"

"Furthermore, the production costs of 1c coins exceed their face value (unit cost of 1.65c), with the production costs of 2c coins being only slightly lower than their face value (unit cost of 1.94c)."

"Over half (55%) of consumers agreed that price inflation would not be exacerbated by the introduction of rounding while another quarter were unsure."

"Merchants were virtually unanimous (97%) that the information they received prior to the launch was 'very clear'. Graph 19 also shows an interesting shift in attitudes in relation to the effect of rounding on prices. While half (51%) originally felt rounding would have an inflationary effect on prices, this subsequently dropped to just 2% post Trial as nine in ten said prices would not change."

"There was very strong support among both consumers and merchants for the rolling out of rounding nationally."

"85% of consumers and 100% of merchants felt that rounding should be applied nationally."

"Over four out of five merchants (83%) believe that it would be beneficial to discontinue the use of 1c and 2c coins."

Last accessed: 04.10.2026

"In 1973, the price of copper rose to a point where the metallic value of the cent was almost equal to its face value."

"To find affordable alternatives, the United States Mint explored a variety of metals, including aluminum and plated steel."

Last accessed: 04.10.2026

"In 2025 this expense amounted to €8 million (2024: €9 million). The total arose predominantly from the cross-border transportation of euro banknotes (i) between banknote printing works and NCBs, for the delivery of new banknotes; and (ii) between NCBs, for the compensation of shortages with surplus stocks. These costs are borne centrally by the ECB."

"The ECB has been allocated an 8% share of the total value of euro banknotes in circulation. This share is backed by claims on the NCBs which are recorded in the balance sheet under "Claims related to the allocation of euro banknotes within the Eurosystem" and remunerated at the latest available interest rate applied to the deposit facility offered by the Eurosystem. The interest is included in the profit and loss account under "Interest income"."

"Expenses arising from the cross-border transportation of euro banknotes between banknote printing works and NCBs, for the delivery of new banknotes, and between NCBs, for the compensation of shortages with surplus stocks, are borne centrally by the ECB. These expenses are presented in the profit and loss account under "Banknote production services"."

"In 2025 this expense amounted to €8 million (2024: €9 million). The total arose predominantly from the cross-border transportation of euro banknotes (i) between banknote printing works and NCBs, for the delivery of new banknotes; and (ii) between NCBs, for the compensation of shortages with surplus stocks. These costs are borne centrally by the ECB."

ℹ️The following data are from the table "Profit and loss account"

| Position | 2021 | 2022 | 2023 | 2024 | 2025 | |---|---:|---:|---:|---:|---:| | Net interest income/(expense) | 1,566 | 900 | (7,193) | (6,983) | (178) | | Interest income | 1,575 | 12,314 | 63,723 | 66,898 | 39,328 | | Interest expense | (9) | (11,414) | (70,916) | (73,881) | (39,507) | | Net result of financial operations and write-downs | (139) | (1,950) | (144) | (286) | (497) | | Realised gains/(losses) arising from financial operations | (6) | (110) | (106) | (17) | 950 | | Write-downs on financial assets and positions | (133) | (1,840) | (38) | (269) | (1,446) | | Net income/(expense) from fees and commissions | 559 | 585 | 650 | 674 | 700 | | Income from equity instruments and participating interests | 2 | 1 | 1 | 1 | 14 | | Other income | 56 | 61 | 72 | 119 | 135 | | Staff costs | (674) | (652) | (676) | (844) | (809) | | Administrative expenses | (444) | (460) | (481) | (513) | (516) | | Depreciation of tangible and intangible fixed assets | (108) | (103) | (106) | (104) | (94) | | Banknote production services | (13) | (9) | (9) | (9) | (8) | | Other expenses | (5) | – | – | – | – | | Profit/(loss) before the transfer (to)/from risk provisions | 802 | (1,627) | (7,886) | (7,944) | (1,254) | | Transfer (to)/from risk provisions | (610) | 1,627 | 6,620 | – | – | | Profit/(loss) for the year | 192 | – | (1,266) | (7,944) | (1,254) | | Profit distribution | 192 | – | – | – | – |

Last accessed: 04.10.2026

ℹ️This quotation is from the collapsible section "Rounding of Cash Transactions"

"Rounding applies only to cash payments"

"The total amount of any bill will be rounded down or up to the nearest 5c"

ℹ️This quotation is from the collapsible section "Rounding for Retailers"

"Rounding only takes place on the total bill, not on individual prices"

ℹ️This quotation is from the collapsible section "Frequently Asked Questions for Retailers"

"On balance, neither consumer nor retailer loses or gains as rounding can be up or down."

ℹ️These quotations are from the collapsible section "Rounding Update - 1 Year Anniversary"

"Upon the first anniversary of the introduction of rounding, the Central Bank published data on the level of awareness and application of the process nationally. One year on from the national launch of rounding on October 28th 2015, 80% of retailers were applying rounding, according to a survey carried out by RGDATA among its members."

"93% of people surveyed think rounding is a good idea or has made no difference."

"inflation has caused the purchasing power of 1c and 2c coins to diminish by over 20 per cent since their introduction."

"Coins were being hoarded or even thrown away, and inflation has caused the purchasing power of 1c and 2c coins to diminish by over 20 per cent since their introduction. As a result of rounding, over 126 million unwanted coins have been lodged with the Central Bank and the costs of minting replacement coins has fallen."

Created with ChatGPT (text-to-image model) on 04.10.2026,
based on a custom prompt by the author:
"16:9 educational visual with a strong cinematic hook. A single fictional one-cent coin lies prominently on a dark desk in the foreground, viewed slightly from above. Beside it, a small production-cost tag or counter shows "3.02 cents". In the blurred background, parts of a minting press and metal coin blanks are visible. The contrast should immediately communicate that the tiny coin costs more to produce than it is worth. Clean, premium documentary look, realistic materials but slightly stylized, no flags, no real currency branding, no unnecessary text, no generic AI-thumbnail appearance."

Created with ChatGPT (text-to-image model) on 04.10.2026,
based on a custom prompt by the author:
"16:9 educational visual built around a simple visual twist. In the foreground, show the same fictional one-cent Crown coin from slide 1 on the left, clearly isolated as the loss-making denomination. On the right, show several larger fictional Crown coins representing 10 cent, 20 cent and 50 cent denominations, grouped together and visually outweighing the loss of the one-cent coin. Use a subtle balance-scale composition or profit-versus-loss visual without making it look like a corporate presentation. Dark premium documentary style, realistic but slightly stylized, no flags, no real currency branding, minimal text, no generic AI-thumbnail appearance."

Created with ChatGPT (text-to-image model) on 04.10.2026,
based on a custom prompt by the author:
"16:9 educational visual continuing the same fictional Crown currency from the previous slides. Show the same fictional one-cent Crown coins leaving an active circulation loop and disappearing into everyday places: a glass jar full of coins, a desk drawer, an old wallet, a car center console and a few coins lost under furniture. In the background, subtly show a mint producing fresh replacement coins, creating a visual loop from mint to circulation to hoarding/loss and back to mint. The image should feel like a visual story rather than a flowchart. Dark premium documentary style, realistic but slightly stylized, coherent with the previous two slides, no flags, no real currency branding, minimal or no text, no generic AI-thumbnail appearance."

Created with ChatGPT (text-to-image model) on 04.10.2026,
based on a custom prompt by the author:
"16:9 editorial infographic, not photorealistic. A single fictional one-cent Crown coin in the center. On the left, a shopping basket with fewer and fewer goods to represent declining purchasing power. On the right, simplified metal ingots with an upward price arrow to represent rising material costs. The coin should visually appear squeezed between both forces. Flat, clean shapes with subtle depth, dark background, restrained Nora Studios gradient accents, premium educational design, no flags, no real currencies, almost no text, no"

Created with ChatGPT (text-to-image model) on 04.10.2026,
based on a custom prompt by the author:
"16:9 clean editorial infographic, not photorealistic. Show two simple fictional checkout receipts side by side on a dark background. Left receipt: final total changes from 12.32 to 12.30. Right receipt: final total changes from 12.33 to 12.35. Emphasize visually that only the final total changes, while the individual item prices remain untouched. Add a few small fictional Crown coins near the receipts. Use restrained Nora Studios gradient accents, flat clean shapes with subtle depth, premium educational style, no flags, no real currency branding, no AI-collage look. Add the Titel: So Why Not Just Get Rid of It?"

Created with ChatGPT (text-to-image model) on 04.10.2026,
based on a custom prompt by the author:
"Title: But Doesn't Rounding Push Prices Up? Diagrammart: Säulendiagramm, Daten: Zeitpunkt / Händler, die einen Inflationseffekt erwarteten: Before trial 51%, After trial 2%. Große, klare Gegenüberstellung mit zwei Säulen. Die 51%-Säule deutlich hoch, die 2%-Säule fast am Boden. Rechts daneben eine kleine stilisierte Einkaufstüte oder Quittung mit Lupe als Hinweis auf das Mystery Shopping. Dunkler Hintergrund, sehr wenig Text."

Created with ChatGPT (text-to-image model) on 04.10.2026,
based on a custom prompt by the author:
"16:9 clean editorial infographic. In the center, show a fictional 1-cent Crown coin fading out or being removed from a row of larger Crown coins. On the left, a hesitant crowd silhouette or several simple human figures reacting uncertainly. On the right, the same group appears relaxed while using rounded cash totals. Add one large "67%" as the main visual statistic, with a smaller "93%" secondary figure. Dark background, restrained Nora Studios gradient accents, flat graphic style with subtle depth, no flags, no real currencies, no photorealistic people, no AI-collage look."

Created with ChatGPT (text-to-image model) on 04.10.2026,
based on a custom prompt by the author:
"16:9 editorial infographic, clean and premium rather than photorealistic. Show three fictional Crown banknotes arranged from left to right: 5 Crown, 20 Crown and 100 Crown. All three should visibly share the same paper size, security strip, watermark area and overall production complexity, while their printed face values increase dramatically. Behind them, a simplified banknote-production line with paper sheets, printing rollers and a quality-control scanner. A subtle visual cue should suggest that manufacturing complexity stays broadly similar while face value rises sharply. Dark background with restrained Nora Studios gradient accents, no flags, no real currencies, minimal text, no AI-collage look."

Created with ChatGPT (text-to-image model) on 04.10.2026,
based on a custom prompt by the author:
"16:9 clean editorial infographic. A large fictional 100-Crown banknote dominates the center. On the left, a tiny production-cost indicator around 0.10 Crown. Between both, show a very tempting but crossed-out equation: 0.10 → 100 = 99.90 profit? On the right, introduce a simplified balance-sheet visual with two columns, one labelled visually as liabilities and one as assets, without going into detail yet. The purpose is to visually break the "cheap to print = almost pure profit" assumption. Dark premium background, restrained Nora Studios gradient accents, minimal text, no real currencies, no flags, no AI-collage look. Title: So Is a 100-Crown Note Almost Pure Profit?"

Created with ChatGPT (text-to-image model) on 04.10.2026,
based on a custom prompt by the author:
"16:9 clean editorial balance-sheet infographic. Left side: a fictional 100-Crown banknote enters circulation and is placed under a simple column labelled "Liabilities". Right side: matching financial assets appear under "Assets", with a subtle interest symbol or small percentage marker showing that these assets can generate income. At the bottom, show a simple flow: banknote in circulation → assets → interest income → seigniorage. Keep the composition visually simple and elegant, dark premium background, restrained Nora Studios gradient accents, no real currencies, no flags, minimal text, no corporate spreadsheet look, no generic AI-collage appearance. With the Title: So Where Does the Profit Actually Come From?"

Created with ChatGPT (text-to-image model) on 04.10.2026,
based on a custom prompt by the author:
"16:9 clean editorial infographic. Show a fictional 100-Crown banknote moving through four simple stages from left to right: secure printing press, automated quality-control scanner, worn banknote being removed and replaced, secure transport container or armored cash vehicle. Use one continuous visual path so it feels like the lifecycle of a banknote rather than four disconnected icons. In the background, subtly show stacks of fresh banknotes moving between fictional central-bank buildings. Dark premium background, restrained Nora Studios gradient accents, realistic but slightly stylized, no flags, no real currencies, minimal text, no generic AI-collage appearance. Title: But Banknotes Aren't Free Either Bild erstellen"

Created with ChatGPT (text-to-image model) on 04.10.2026,
based on a custom prompt by the author:
"16:9 clean editorial comparison infographic. Split composition. Left side: the familiar fictional 1-cent Crown coin from earlier slides, visually associated with high production cost and a small face value. Right side: the fictional 100-Crown banknote, visually associated with low relative manufacturing cost and a much larger face value. In the center, a simple contrast arrow or balance indicating that physical production cost and monetary value do not move together. Dark premium background, restrained Nora Studios gradient accents, consistent visual language with previous slides, minimal text, no flags, no real currencies, no generic AI-collage appearance. Title: And Here's the Strange Part"

Created with ChatGPT (text-to-image model) on 04.10.2026,
based on a custom prompt by the author:
"16:9 clean editorial final-comparison infographic. In the center, show the familiar fictional 1-cent Crown coin and 100-Crown banknote from the previous slides, positioned side by side. Behind the coin, subtly show metal, minting and replacement icons. Behind the banknote, subtly show printing, security, transport and balance-sheet icons. Connect both to one central abstract symbol representing the monetary system, making clear that their face value comes from the system behind them rather than the raw material. Dark premium background, restrained Nora Studios gradient accents, minimal text, no flags, no real currencies, no generic AI-collage appearance."