Thursday, March 29, 2012
Go, Before It's Too Late!
If you're in need of pennies you'd best get them now. Today's federal budget included the news that the Canadian penny is being discontinued. The last ones will roll out of the Royal Canadian Mint in this fall. They actually cost 1.6 cents a piece to make, so the government has decided to drop them as a cost saving measure. It will be interesting to see how long it will be before prices of goods in Canada change subtly. There will be no point in offering things at prices that lead to an odd number like say 73 cents. Prices could stay at their current values and the stores could round down or up to the nearest 5 cents, with the latter much more likely. But doing that is bound to upset some consumers, who will think they're being ripped off. It will also be interesting to see if there's a sudden flood of pennies onto the market that have been hidden away in drawers, jars etc. The fact that so many pennies end in such places, not circulating, has been one of the reasons calls for the penny's end have been around for years.