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).