– Distribution of the Canadian penny ends Monday, but with about six billion of them in circulation it’s not clear how long the little coins will stay in use. The penny is being retired because it actually costs 1.6 cents to produce and the federal government believes it can save $11 million a year by getting rid of the coins. While the last penny was actually produced by the Royal Canadian Mint on May 4 and they’re not going to be distributed any more, Mint spokeswoman Christine Aquino said pennies remain legal tender and can still be used for purchases or exchanged at financial institutions. But she couldn’t say how long it will take for the Mint to reclaim those billions of pennies. “We have never done this in Canada,” said Aquino. “We estimate three to four years [to get pennies out of circulation].” Without using pennies, merchants are expect to round the final cash purchase price up or down.
Canada is pretty much like America’s NCAA. They’re more liberal than us so a lot of our future legislation gets tested out on them first, much like the 3-point line or read-option offense. But just like with the NCAA and the pros, if Canada ever tried anything we with 100% certainty would stomp the maple out of their asses.
With regards to the penny — there’s money to be made here, right? Since they’re still charging penny amounts on credit and debit cards but rounding for cash, someone could literally make tens of dollars over the course of a lifetime by using only cash. Or only buy things they know will round down. Or a really smart person could start a business with a whole series of machines that instantly turn plastic cards into physical cash.
…What’s that? I’m being told those do already exist and that they’re called ATMs and that they’re literally everywhere.
Okay, well. Carry on then, Canada.