On Monday, February 4, the Canadian Mint is withdrawing the penny from circulation. The reason given is it really serves no purpose any longer and costs 1.6 cents to make. And of course, as with many decisions by government bodies, it is the citizens who will suffer for what passes as government wisdom.
In some to my mind convoluted reasoning, if you purchase something, say groceries, and the total bill comes to $50.93, if you pay by cash, that will be rounded up to $50.95, but if you use a debit or credit card, the total stays at $50.93. If the total ends in one or two cents, it will be rounded down, at least in theory, but how many shopkeepers are going to pass up a chance to make a few extra cents on a transaction – not many I’ll wager.
I would presume that, as when they replaced the one and two dollar bills with coins, there will be a period when the bank will exchange them, which is good for I have about two dollars in pennies right now.
This appears to be part of some scheme the gov’t and the mint cooked up to revise our monetary system (or does that make me sound paranoid?). They have replaced the $20, $50 and $100 bills with something made of some plastic compound, under the reasoning they last longer and will reduce costs. There have also been rumblings in some circles close to Ottawa of plans to also discontinue the nickel. Of course I suspect a decision on that will depend upon how much money we have left after they finish screwing us over with the pricing change caused by not having pennies.
On the lighter side, this means that phrases such as “a penny for your thoughts” or “a penny saved is a penny earned” will have no actual meaning in Canada any longer. But then again, when Canada went metric, it didn’t change “a miss is as good as a mile”.
Enjoy your day and remember to hug an artist – we need love too.