The Right Tool.

As the Canadian penny passes into retirement I'll mention another reason I'll be sad to see it go.  Pennies make an excellent tool for scratching off scratch and win tickets.  I'm thinking I'll hold on to the handful I've got left for just that purpose.  But inevitably I'll lose them from my pocket, so I'll have to try something else eventually.

One Week To Retirement.

If you're a penny fan, and don't feel you have enough around, you'd better get collecting.  Monday, February 4 will see the retirement of the Canadian penny.  Banks will no longer give out pennies, and those that come into banks will be returned to the federal government for disposal.  Although they technically will still be legal tender I suspect most places won't take them. If they know that is,  Some reports claim many businesses aren't aware of the penny going away.  Consider this a head up if you didn't.

I'll miss the penny.  Throwing them in a tin to be rolled later is a good way to save a bit of money away.

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.