Saying Good-Bye To The Penny!

ImageofPenny

As of today, February 4, 2013 the Royal Canadian Mint will no longer be manufacturing or distributing the penny.

Why? well when it costs 1.6 cents to manufacture, by eliminating it it’s expected to save the government $11 million a year. It will also be up to businesses whether they choose to accept them or not.

So, what does this mean for you? Only cash payments will need to be rounded, to the nearest five-cent increment. All credit & debit transactions will stay the same.

PennyRounding

  • Amounts ending in 1, 2, 8 and 9 cents are rounded to the nearest 10 cents
  • Amounts ending in 3, 4, 6 and 7 cents are rounded to the nearest 5 cents

How do you feel about this? Are you going to miss the penny?

(image from: Canada Revenue Agency)

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Comments
  1. Jennifer says:

    The Zehrs (in Cambridge) had signs on the tills today saying that they were going to be rounding EVERYTHING down! That can go a long way in saving a few pennies!

    • Linda says:

      Zehrs in Wasaga Beach has a big sign stating that they are rounding UP! If your total is XX.11 you will pay XX.15 and so on right up to the XX.25! I do not want to lose four cents every time it happens so if that happens I plan to choose an item and get her to take it off the bill. I’d rather they lose the sale as I am definitely not happy with their policy. Over a year Zehrs will pocket a LOT of money (no matter what the government says about the public not losing out).

  2. Kathy says:

    Zehrs (in Listowel) said that they will be rounding all CASH sales down and all Debit and Credit sales up. So, I guess each store may have their own policy.

  3. Michelle says:

    @Kathy Why are they rounding debit and credit purchases? That doesn’t make sense since the penny isn’t nor wasn’t involved in that. I would call them on that.

  4. Coleene Major says:

    I think rounding up is a big RIP OFF. Especially for credit and debit purchases.
    For cash purchases I think all retailers should round DOWN………they already get enough of my money I don’t want to give them more………not even 2 cents more.
    I also hate this for my young children (age 8 and 6) we are trying to teach them to use cash and how to manage their money. And now we are supposed to tell them if it costs $1.08 they are going to have to pay 2 cents more because there are no pennies.

  5. Lisa says:

    The rounding is only required when paying by cash – there should be no changes for any credit, debit or cheque transactions (or gift cards then as well. You can reference the retailer directly to the Revenue Canda website where they state this.

  6. Nicole says:

    I do feel like I’m being ripped off, but I guess its just a matter of time before we are used to it. I have to admit at places that are cash only I will think twice about that extra 2cents I might have to give them. As for Costco that takes only debit or cash, I may pay cash if it will save me 2cents. It isn’t much but its my 2cents!

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