Monday, February 4, 2013

A penny for your thoughts.

There are lots of expressions that involve the word penny.  

A penny saved, is a penny earned.
He's a bad penny.
That cost a pretty penny.
Penny-wise, pound-foolish
I don't have two pennies (cents) to rub together.
In for a penny, in for a pound.
Penny ante  (of little value or importance)
That's the way the penny drops.
Not worth one red cent.

What are we going to do in Canada after today ?  
What expressions are we going to use then  ?
Why ?   
"What's happening to the penny ?" you ask.
After today the banks are going to stop sending pennies to businesses. 

It turns out that it was costing more than a penny to produce each penny, and so the Canadian Mint has stopped making them a while back.

Since the banks are no long going to be sending rolls of pennies to businesses, over time, the stores will run out of pennies.  When that happens, if you buy something that adds up to $1.01 or $1.02 the merchant will round the amount due down to $1.00, and if it's more, it will be rounded up to $1.05.

Apparently eliminating the penny will save the Canadian government $11 million a year.

68% of respondents in an on-line poll indicated that they would not miss the penny.

Would you ?

What are you going to throw into the fountain to make your wish ?

A nickle for your thoughts ...


  1. Well, here's my two cents worth .............. NOT. Nope won't miss it. Guess we'll have to use nickels now to flatten under the trains!


  2. Isn't that funny, I thought we'd be having to smush some different coins on tracks. Let's do that when you come next to visit. That and getting our tattoos ! ITC-too

  3. I wouldn't miss our penny - I wish we would do the same thing here in the US. They are often such a nuisance and it's silly to keep a coin in circulation that costs more to make than its face value.

    1. I agree Barbara. There is already murmurings about the nickel (5-cent piece) ;-)

  4. We lost our one and two cent coins some years ago, here in Australia, Sybil. I don't think anyone misses them at all, other than now we have to throw five cents in the fountain to make a wish! That's inflation for you! You should hoard some of those old pennies as keepsakes.

    1. As there are billions of pennies still in circulation, it'll be a while before they have all vanished. I'll be sure to keep a few for old time sake.

  5. A Canadian tourist at my cash register told me about the death of your penny. I've noticed that no one picks up the odd penny lying on the street...

    1. We still have a few billion of them in circulation so it'll be a while before we've seen the last of them.

  6. Rattling around in the bottom of my purse I have a lifetime supply of pennies--many of them Canadian, as it happens (Michigan is like that). Let me know if you need any.

    I am confident that one day money itself will disappear from commerce. Come to think of it, it's already pretty much done that around our house.

    1. And we in turn have U.S. coins, nickles, dimes, quarters in with our Canadian change.

      Cash isn't disappearing in my house. I've switched from using debit to buying almost everything with cash. I find it easier to conceptualize cash, and am more careful with it.


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