Charities are hoping to cash in on the new scheme to get rid of one and two cent coins, by collecting them to raise millions of euro.

From today, the five cent coin will gradually become Ireland's smallest coin, and your change will be rounded up or down.

It's estimated there's up to 35 million euro in old one and two cent coins sitting unused in people's homes.

They will remain legal tender, and the Rounding Scheme is voluntary.

A Campaign for Charity has been set up to collect the old one and two cent coins and give the money to charities.

Helen Vaughan reports.