Monday, 4 February 2013

A Penny For Your Thoughts

Today is the day Canada says "Au revoir" to the penny.
But not completely "Goodbye" for ever.... well, not yet anyway. The copper one cent coin will still be legal tender, but there will be no more pennies produced at the mint. However, there's about six billion pennies in circulation, so they won't disappear in a hurry.
It actually costs 1.6 cents to produce each 1 cent coin. No wonder the government makes me pay so much tax!
From today onwards, if an item costs $1.01 or $1.02, it will be rounded down to $1.00. And $1.03 or $1.04 will be rounded up to $1.05.
And I won't have to carry around a purse bulging with heavy coins.
But what will happen to the penny arcade?
Will we still be able to buy penny stocks, or walk down Penny Lane?
What will penny-pinchers pinch now?
Will items costing a pretty penny no longer be considered pretty? Just putting my 2 cents worth in.

8 comments:

Rock Chef said...

Sad.

I remember when the UK went decimal. Prices changed over night. As a child the big one for me was that the old 4 for a penny sweets went straight from being 4 for an old penny to 4 for a NEW penny, effectively doubling in price!

Anns Art said...

I think it will take a long time to see the end of those coins. Are you going to save some for the grand children to have as keeps?

Xtreme English said...

I have a box of old US pennies....what to do with them? They aren't very old or valuable, but I have them.....Hmmm...

Craver Vii said...

Cleverly put.

I expect we will be phasing out pennies as well.

Dogbait said...

We did away with one and two cent pieces a few years back and now talking about deleting the 5c piece too. I see you have polymer notes now. Pity about that Maple Leaf :)

EG CameraGirl said...

From bow on it's "a nickle for your thoughts" here in Canada!

Anvilcloud said...

When I got a bill from Dollarama yesterday, I was surprised at first to see it come out to exactly $13.

madretz said...

hee hee, if i were to grab a handful of pennies I have, probably 1 or 2 Canadian pennies would show up.