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Will you miss Canada's penny?

Categories: Canada, Community, Politics

Starting Monday, the Royal Canadian Mint will no longer distribute Canada's one-cent coin to bank and retailers. The penny will still be legal currency, but Canadian retailers might not have them to give out in change. 

When you pay by cash, the price of your purchase after tax will be rounded up or down to make change: 

  • Final amounts ending in .01 or .02 will be rounded down to nearest .00
  • Final amounts ending in .03 or .04 will be rounded up to nearest .05
  • Final amounts ending in .06 or .07 will be rounded down to nearest .05
  • Final amounts ending in .08 or .09 will be rounded up to nearest .10

But when they pay by credit or debit card -- the price will be calculated to the exact cent.

Is the Canadian penny worth keeping?Will you miss getting coppers in your change? (CBC)
The government announced in its last budget that it would be eliminating the penny from Canada's coinage system. The last one was minted in May 2012. 
 
The government says it cost about $11 million a year to supply pennies to the economy, so it hopes eliminating it will save money. 

Many countries have made similar moves in the last decade. Brazil, Finland, the Netherlands and Switzerland have all stopped using their low-value coins since 2002. (Could the nickel be next?

But we know that some Canadians will miss the penny and are lamenting its loss. The penny itself (through parody Twitter accounts) spoke out against its own demise. 

Expressions like "a penny for your thoughts" and "pennies from heaven" will live on, but will you miss the penny? 

Do you like having these little copper-coloured coins in your change? Or will you be glad to be rid of the extra weight? Let us know what you think. 



(This survey is not scientific. Results are based on readers' responses.)

Tags: Canada, money, Politics, POV

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