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Penny for your thoughts. But only until February 4

Thursday, January 31, 2013   by: Donna Hopper

Did you know it costs the Government of Canada 1.6 cents to produce a single penny?

Well, in an effort to save an approximated $11 million a year, it was announced almost a year ago that Canada would stop minting the penny.

That day is just around the corner.

Starting February 4, 2013 the Royal Canadian Mint will cease distributing pennies as part of the Harper Government's Economic Action Plan.

However, the penny will remain valid currency and may be used indefinitely in cash transactions with businesses that choose to accept them.

But after February 4, the government will encourage Canadian businesses to begin rounding cash transactions to the nearest nickel. 

For more information about the phasing out of the Canadian penny, please click here

Comments
12
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OMGWTF 1/31/2013 6:41:48 PM Report

OMG so $99.99 will now be gone! What's going to happen at retail? Come on... how many will round down? None. So all in all it's going to cost us more even if it is penny's!
seen_your 1/31/2013 6:52:47 PM Report

@OMGWTF........Agreed, well that is one way to stimulate the economy right?
Zarm27 1/31/2013 7:06:45 PM Report

I wonder how that'd work once you factor in taxes on top of a transaction. Although I would be a supporter of using cred sticks for everything and eliminating bills and change altogether.
jojoe71 1/31/2013 7:09:13 PM Report

My understanding is if it rings up at $1.02 then we pay $1. If it rings up at $ 1.03 then we pay $ 1.05.....simple enough. However I think the advertising ploy should change as when a product is advertised at 99 cents to make it sound cheaper than $ 1.00 because when you add in the GST the cost is $1.12 we pay $ 1.10 . But it would be to the retailers advantage to advertise the product for $1.00 then the cost with tax will be $ 1.13 and they can charge $1.15 . JMHO
I'm just sayin' 1/31/2013 7:26:15 PM Report

http://www.mint.ca/store/mint/learn/phasing-out-the-penny-6900002
opinionated 1/31/2013 7:26:34 PM Report

I think $0.99 items will go to $0.95. The whole reason large stores like Wal Mart do that is a psychological / marketing thing. $0.99 SEEMS cheaper than $1.00, so I think that it will just be .95 now.

But you never know.....I'm sure some businesses are already tweaking price lists to their advantage.
owlies 1/31/2013 8:23:06 PM Report

Excuse me folks I always thought it was The Government of Canada....I would ask for a retraction in this story to reflect that please.Mr.Harper is the Prime Minister of Canada, and he is the voice of the people remember that our Children are reading and watching the actions of the elected Leaders of Canada which the people have voted to represent them in the respective Departments of the Government of Canada not to the Harper Government.
mallet 1/31/2013 8:56:12 PM Report

I am just wondering wether this will apply to all things in a grocery store or will it apply just at the checkout?? If it is going to be on every single item then the price of foodstuffs will rise considerably, however if it just goes to the nearest 5c at the checkout then it will only be a couple of cents difference. Should this be successful, what goes next the nickel, so everything is rounded to the nearest dime? Does the government really think that the 11 million saved is going to be put to good use? it will disappear like all money into the general fund to be dished out to whoever gets there first.
Sofahorse 2/1/2013 8:27:53 AM Report

money all together should disappear. Why carry around a pocket full of metal and paper when we can all use plastic cards. Everyone has a debit card, now they have the visa debits that work in the states, Pre-loaded credit cards. And plus, every transaction is recorded, you have an electronic receipt, and its easier to track where you spend your dough. Great for keeping an eye on your spending habits.
thefly22 2/1/2013 11:26:00 AM Report

Sofahorse, went to the grocery store the other day and their machines were all down...cash only.
jojoe71 2/1/2013 12:14:52 PM Report

that is so true...we still need hard cash...garage sales...tips...street people...allowances...prostitutes...drug purchases...christmas salvation army collection...poppy days....apple days...girl guide cookies...etc. etc.
seen_your 2/3/2013 7:03:21 PM Report

One step closer to the N.W.O!
Comments
12
Note: Comments that appear on the site are not the opinion of SooToday.com. If you see an abusive post, please click the link beside the post to report it.
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