Plus They Make Your Hands Smell: Canada Retires Penny

February 4, 2013


Because pennies are virtually worthless except for picking up tails-side-up to tempt fate, Canada has decided to retire its penny. In what is sure to be a significant victory for pro-nickel lobbyists, all cash transactions will now be rounded up or down to the nearest five cents. You laugh now, nickel, but just wait till the dime has its day!

The penny is being retired because it actually costs 1.6 cents to produce and the federal government believes it can save $11 million a year by getting rid of the coins.

"We have never done this in Canada," said Aquino. "We estimate three to four years [to get pennies out of circulation]."

Without using pennies, merchants are expect to round the final cash purchase price up or down.

For example, something costing $1.01 or $1.02 will go down to $1 while a bill of $1.03 or $1.04 would go up to $1.05.

If you're paying by credit or debit card, the price stays the same.

God, I can't even tell you how long I've been writing my congresspeople telling them to discontinue pennies. But if I had to guess I'd say it's been at LEAST...fine, I haven't started yet. But only because I've been too busy writing them about things that really matter. You know, stuff like building GLOW-IN-THE-DARK ROADS and 24-hour sex toy stores. I think they finally took my advice on the sex stores though, because I saw one driving around over the weekend. "Those have existed forever." *banging fist on table* One person CAN make a difference.

Thanks to 'Evil Ares who's glad the 49ers LOST', because apparently he had a kidney on the line (he has a betting problem).

  • Wapchatstic

    Australia did this decades ago. Careful Canada the interweb is coming.

  • paskal

    Our government here at Malaysia already done that few years ago. Now no more 1cent coins, and all transaction is rounded to nearest 5cent. Pretty neat I would say.

  • jimmy

    "If you're paying by credit or debit card, the price stays the same."
    That implies that the prices of items can still be unrounded numbers like 11c.
    If the shops policy is to round down then you get it cheaper with cash paying only 10c, but 11c, with card.
    Why dont they just round the prices of items, so that way every bill will end in a 0 or 5.

  • "merchants are expected to round the final cash purchase price up or down" lol, yeah right. Like any are going to round down.

  • thebestnicknar

    I have paid cash at three different stores (since Monday), and they have all rounded down.

  • Brant_Alan

    yeah I assume if you buy a 99c item and the tax makes it cost 1.02 I have a feeling it won't round down for them.

  • Trevour

    Don't worry, we'll have a home for these pennies in the US border states: gas station penny trays. You're never allowed to pay with them, but the cashier always seems to give 'em back in change.

  • Bob Thayer

    Quick! Someone tell John Green!

  • Closet Nerd

    A penny for your thoughts? Nevermind ehhh
    ...... just sayin

  • Lee

    Its ok, you gave us your 2 cents.

  • TwiZtedS

    Thoughts just got a lot more expensive in Canada, unless you're paying for them with plastic...

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