They weigh down your purse, bulge your newest skinnies and cost more to produce then they are worth (it costs 1.6 cents to make them- $11billion in saving for the Canadian Government). For these and many other reasons, the penny is no more!
As of today Monday, Feb 4th 2013 the penny will no longer be in circulation.
The Canadian Mint estimates that there are over 6-billion pennies in circulation so it will take 3-4 years until the penny is an after thought.
So what does the loss of the penny mean for you?
In the grand scheme of things, not that much. Only about 20% of Canadian retail purchases are made in cash, and the loss of the penny will not effect debit, credit, or gift card purchases.
As of now, the law states that Canadian retailers have the option of rounding up or down when cash is involved. For example that can of pop you want to buy at $1.02 should be rounded down to $1 and any denomination at the .03 or . 04 mark will be rounded to the nickel. Ottawa has provided ‘suggestions’ as to how to round a final bill, including “For totals ending in one, two, six or seven will be rounded down, while totals ending in three, four, eight and nine will be rounded up”.
Start collecting those pennies so you can show your grand kids and they can be mesmerized by them as I was by that brown $2 bill.
Source: Retail- Insider