Coins have a certain way of leaving their mark in our lives. In my childhood, I have many memories that relate to coins from the times when I’d drop change into my piggy bank as I counted how much I’ve saved up to buying gum at a gumball machine.
But out of all the coins, I’ve probably have had the closet relationship with the penny. Oh how may times have I picked up a penny on the street or random places and smiled because it meant good luck? And how can I forget all the pennies I’ve tossed into a wishing pond? I’m definitely not the only one who has done this! So now that the Royal Canadian Mint has officially stopped producing Canadian pennies on February 4, 2013, the final days of Canadian pennies are here. They will no longer be distributed to banks and businesses.Why you ask? Well it costs more money to “make” the penny than the penny is actually worth! Also, getting rid of the penny means it saves Canadian taxpayers of about $11 million a year!
So what will they do with the pennies? They will melt the pennies down and recycle the metal. However, because there are so many out there still, for pennies to stop circulating around will take approximately three to four years! So stores will now round your cost up or down to the nearest nickel when you’re paying in cash! But this doesn’t apply when you’re paying with cards.
Some of the famous idioms of pennies:
A penny saved is a penny earned- means it is wise to save money
A penny for your thoughts- when someone wants to know what you are thinking about
What do you think of the decision to get rid of Canadian pennies – yay or nay? Share your thoughts, opinions, rants, and comments below!