3/29/12





Round that off to the nearest nickel!

It has been announced in the Canadian budget that exclusion of our Canadian penny will begin this fall.

Apparently it costs a penny and a half to make one penny so it's costing more than they are worth and worth less than they cost.

The Royal Canadian Mint has produced 38 billion pennies since it began distribution in 1908! That's a lot of pocket change!

Imagine, 104 years ago these little flat copper monies were worth something. People were proud to bring them home and use them to buy things and provide for their families. Oh how times have changed.

I'm not sure if I'm yay or nay about this new news. Pennies do add up, we have used pennies many times to pay exact change. Pennies are also a good teaching tool to help kids learn about counting, money and saving.

Our daughter has a piggy bank we toss loose change in, roll it up and cash it in for something she wants when she has enough.

I also wonder what will become of the economy, businesses will have to round prices off to the nearest nickel and I'm sure this will effect taxes eventually. I'm not saying it'll be bad but it makes me wonder if it'll make a big difference. You can still use pennies for payment until they are gradually withdrawn.

Here's a CBC article about it.

How do you feel about the new announced fate of our Canadian penny? Share your thoughts, sorry - no more pennies for them ;-)!




Disclosure: posted by AmE. Opinions and comments are those of AME. Image via Wikipedia.

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2 comments:

  1. I'm disappointed that we'll be losing our penny... and what about 100 pennies = a dollar (loonie).

    Counting money will be different for children now.

    ReplyDelete

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