Canada Just Banned the Penny!!
Yes - WTF - Canada just got rid of the penny!
The penny! The most important unit of currency we have! Without it, what would line your car's console? What would fill up that jar in the corner of the kitchen? What would weigh down your pockets after you buy things in cash? What would fill up the "leave a penny take a penny" plastic thingy at the counter of your favorite convenience store?
So, penny no more? Basically - they cost a lot of money, and that's an issue. They are worth more than they are worth, or put another way, they are a currency without currency.
Canada is getting rid of them because they cost money to mint and keep in circulation.
The US is keeping them because of pricing. If you don't have the penny you have to price everything which can be paid for in currency in $0.05 increments. That's a huge issue - because retailers would have to shift from $4.99 to $4.95 or $5.00 - and they don't like that idea.
So it will be a while before the US gets rid of the penny, but those crafty Cannuks are already at it.
The penny! The most important unit of currency we have! Without it, what would line your car's console? What would fill up that jar in the corner of the kitchen? What would weigh down your pockets after you buy things in cash? What would fill up the "leave a penny take a penny" plastic thingy at the counter of your favorite convenience store?
 |
| Yes, these are British pennies. Better of course in every way. |
So, penny no more? Basically - they cost a lot of money, and that's an issue. They are worth more than they are worth, or put another way, they are a currency without currency.
Canada is getting rid of them because they cost money to mint and keep in circulation.
The US is keeping them because of pricing. If you don't have the penny you have to price everything which can be paid for in currency in $0.05 increments. That's a huge issue - because retailers would have to shift from $4.99 to $4.95 or $5.00 - and they don't like that idea.
So it will be a while before the US gets rid of the penny, but those crafty Cannuks are already at it.
 |
| Crafty. Not very useful. But crafty. |
Not helpful at all..
ReplyDelete