The transaction has been described as the “largest logistical operation” involving money since the end of the Escudo.
It is also said to reflect Portugal’s penchant for purchases ending in 99 cents, and, contrarily, Ireland’s tendency to round prices off.
Portugal acquired 148.8 million two cent coins and 123.2 million one cents.
National bank Banco de Portugal explained that the copper change is “much in demand and produced annually”, and is fundamental to the “classic purchases of €9.99”.
The Bank of Portugal further stressed that the transaction was “doubly advantageous to the Portuguese State”, taking into account that “the production costs of 1 and 2 cent coins exceed their face value and, on the other hand, there is no expectation of boosting, in the short or medium term, 2 euro coins”.
Regarding one cent coins, the manufacturing cost is 65 percent higher than the face value.