Written by Daniel Stad
Well according to the new Canadian budget released on March 29, 2012, if you’re paying in cash, your thoughts are not worth anything. So if you’re actually looking for a penny for your thoughts, then you might want to start carrying around a debit machine.
Starting this fall, the Canadian economy will remove the copper penny (well, lets say copper-coated steel) from circulation. The government estimate is that it loses approximately $11,000,000 a year producing and distributing the penny. The claims also state that it the penny is frustrating for businesses and consumers.
There has been talk for years about doing this, and there are other countries that have done this. Australia and New Zealand have removed they’re smallest coins many years ago…somewhere in the 1990’s. New Zealand even went a step further and removed their 5 cent pieces and it appears that Australia is ready to follow in its steps.
Even though the penny will be pulled from circulation, if you are paying by debit or credit cards you will still be charged to the penny. However if you are paying in cash, the cashiers will use the “Swedish Rounding” system, going up or down to the nearest nickel.
Do you use pennies when you shop with cash? If not, what do you do with them? Leave your comments below.