Posted by: The moderator | March 31, 2012

A Penny for Your Thoughts

Canada is discontinuing their penny this year, with the final batch of pennies rolling out in April followed by the gradual removal of the coins from circulation in the months and years that follow. While not legally required, retailers are expected to simply round to the nearest five when dealing with cash while credit card purchases may remain exact. The change in making change is expected to save the government money since pennies cost more to make than they are worth.

There have been similar calls in the United States to eliminate the penny, although none have taken off. I wish we could expect that the US will use the Canadians as a model as we try to save money when making our money, but we don’t seem to pay attention to successes outside our own country. After all, the US is still stuck on paper dollar bills even after Canada successfully switched to a dollar coin in 1989.

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Responses

  1. Such great info! The US should ABSOLUTELY follow suit!– what the heck would be the disadvantage to that??

  2. Agreed! Spending more money to make money does not make any sense! lol

  3. Yeah the penny can make prices really annoying. This is a great idea.

  4. The currency exhibit at the American History Museum poses the same question. You are supposed to put a penny in the jar of the side of the argument with which you agree. Let’s ditch the penny. They get in the way when I am searching for quarters.

  5. Everyone loves the loonie and the toonie! Maybe if our golden dollar had a better name, they would catch on… the dollie? 🙂

  6. Totally agree, pennies are more hassle (and costly to make) than they are worth. Basically the only thing I use any change for these days is parking meters (althought I just got the ParkMoblile app….so that might change), and you can even USE pennies for them.

  7. Or we could get out of the 19th Century and just go physical currency-free, Which country was it, Sweden? Finland? One of them has near-completely done away with any kind of currency save the bank card. Much cheaper processing costs.

  8. leave a penny take a penny – one way to pay it forward, and one way to a) play penny poker b) have kids learn how to count


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