In for a penny

I think that Canada should get rid of the penny. Nobody likes carrying around change and pennies just add to that headache. I get back so much change that at the end of the day, when I take out the change, I’m about ten pounds lighter. These brown little coins probably cost more to make them than they’re worth so why not just get rid of them and round everything up. I mean, round everything down…

The Canadian penny is 19.05 mm in diameter and 1.45 mm thick. It made from 94% steel, 1.5% nickel and 4.5% copper plating and weighs 2.35g. It is estimate that it cost about four cents to produce but the Royal Canadian Mint claims that it cost only 0.8 cents. Every year, millions of new pennies are created and put into circulation. Why they make new pennies every year is beyond me. There are plenty of pennies in circulation already so there’s no need to make more.

I rarely use pennies when I go shopping. I have bills to spend and even if I had pennies, the cashier is in too much of a rush to accept them. If the bill comes to $16.49, I like go give the cashier $21.49 so I can get a five dollar bill back. But by the time I rummage through all of the coins that I have, the cashier has already given me change for the money that I’ve given them.

There’s not much you can get for a penny these days. When I was younger, I loved finding pennies on the ground because that meant that I could buy penny candies. Nowadays, I don’t see too many places that sell penny candies.

When I worked at the library, my coworkers and I would walk around and find about $10 worth of pennies every week. People just leave them around and we pick them up. It was enough to buy a lottery ticket every week. It’s hard to see that a penny here and a penny there could add up to ten dollars because that’s about a thousand pennies. Nobody wants to carry that many pennies in their pockets all day long. That’s about four pounds worth of pennies. I don’t think pant pockets were design to handle that much stress.

Getting rid of pennies is a win-win situation for everyone. Retailers will lose a few pennies while consumers would gain some savings. The penny has used up its usefulness and should be disposed of. Think about it. If you dropped a penny, would you stop to pick it up or would you just keep walking?

One reply on “In for a penny”

  1. Don, I’ve heard of a place that got rid of their small denominator coins. I think it was a lady who was talking to me about it and how their smallest denomination was 10 cents (or equivalent depending on which country she was from). She said that it made people more clever because of the rounding up and rounding down.

    So if your total was $100.53, you were only required to pay $100.50 cash because they don’t make denominations less than $0.10.

    But she said that if you paid by credit card, it would charge you the ACTUAL amount. So if your total was $100.56, you would pay by credit card and save yourself $0.04 otherwise your total would be rounded up to $100.60. Kind of crazy and everything eh? It was too bad that I forgot where this lady said she was from.

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