Skip to comments.Canada’s penny heads into retirement
Posted on 02/04/2013 6:43:16 AM PST by Candor7
Distribution of the Canadian penny ends Monday, but with about six billion of them in circulation its not clear how long the little coins will stay in use.
The penny is being retired because it actually costs 1.6 cents to produce and the federal government believes it can save $11 million a year by getting rid of the coins.
While the last penny was actually produced by the Royal Canadian Mint on May 4 and theyre not going to be distributed any more, Mint spokeswoman Christine Aquino said pennies remain legal tender and can still be used for purchases or exchanged at financial institutions.
But she couldnt say how long it will take for the Mint to reclaim those billions of pennies.
We have never done this in Canada, said Aquino. We estimate three to four years [to get pennies out of circulation].
Without using pennies, merchants are expect to round the final cash purchase price up or down.
For example, something costing $1.01 or $1.02 will go down to $1 while a bill of $1.03 or $1.04 would go up to $1.05.
The most important thing for consumer to remember, said Aquino, is that this is for cash transactions only.
If youre paying by credit or debit card, the price stays the same.
Probably most affected by this are merchants,
A recent survey by the Retail Council of Canada of its members found only 52.9 per cent were ready for the phase-out of the penny.
(Excerpt) Read more at theprovince.com ...
This is nothing more than get ready for INFLATION!!!!!!!!!!!
I am waiting for hyper inflation in the US, when that happens, Canada will be attached to the hip.
In a similar vein, Barack Obama announced today that all Presidential and Senate terms will be rounded up while Congressional terms will be rounded down. Obama will now serve a 5 year second term while Democrats in Senate will serve 10. All Republican Congressmen are immediately relieved of duty as their terms have been rounded down to 0.
Or to reflect years of inflation that has already happened.
I'm waiting for us to dump our own penny. It is only worth 5 seconds of minimum wage labor which is below any useful transaction amount. The only time I ever use them is when I am waiting for a long enough time in a fast food drive through that I start poking though my coin pile to see if I can make exact change.
They’ll all wind up in Florida.
Or we in Canada can simply use the US penny!
Canada Relevant for Ping?
That’s just nuts....er, “looney”
US penny and nickel being phased out.
I heard about in the “news.” You can find it any number of places. Google nickel; phased out
My source was news...probably NBC from Geitner...which may be less credible than your source.
I heard that the employees of the Royal Canadian Mint are going on strike.
Apparently, they want to make less money.
Seriously, I can picture some “journalist” finding a spoof online and reporting it as news. The first time I heard it was either a top of the hour radio news break or network news. Since they feed at the same trough, it could be BS.
It wouldn't be the first time. Christopher Buckley sent out a "news" release just before closing time that the Soviets were auctioning off Lenin's body to make some money. One of the network news shows (I think ABC) ran with it without doing any independent verification. Oops.
Apparently, they want to make less money.>>>>>>>>
You win the post of the day for this thread.!!!!LOL.
You put your money where your mouth is.
The real reason is, it frees up an assembly line to make more spy quarters. ;)
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