One and two cent coins will be phased out from today, as part of the Central Bank's Rounding scheme.

From today, when consumers get change in cash it will be rounded up or down to the nearest five cent - but it will be on a voluntary basis and customers can still ask for their correct change.

The rounding scheme was successfully trialled in Wexford in 2013 which showed that 85% of consumers and all of the retailers surveyed wanted Rounding rolled out nationally.

Five European Union members states have also opted to get rid of the coins - which cost more to mint than they are worth.

The Netherlands, Finland, Sweden, Denmark and Hungary - while Belgium is currently in the process of adopting it.