If you're like most Canadians, you've probably got a jar of pennies somewhere in your house.
They accumulate, gathering dust, until we cash them in at the bank.
But so many people do so, the majority of the coins are out of circulation at any given time. And a penny is worth so little these days, that it's not worth making them, let alone using them.
Finance Minister Jim Flaherty says it costs 1.5 cents to make a penny. Where's the logic in that?
The days of penny candy are long over - and the coin's official end begins today as the Canadian mint ceases production.
You can still use pennies, but banks are being asked to stop distributing them, so it's only a matter of time before the humble penny is history.
The U.K., Australia, Norway and Switzerland have already ditched their pennies.
Now, businesses will round off the price of everything we buy, at least with cash. With no set rules from the government, some will round up, some will round down. Electronic purchases will still be charged to the exact penny, however.
With so much grey area, we're
encouraged by the announcement of one major Canadian retailer.
Home Depot has said it will always round figures in favour of the consumer.
Cash purchases will be rounded down to the nearest nickel. Returns will be rounded up to the nearest nickel. We hope that's a policy followed by many more businesses.
- Managing Editor