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.
- 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)