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It's finally happened. No more  pennies allowed or distributed as of today! I'm sad!! I'll miss them lol

How would you feel if pennies were discontinued? If you're Canadian, how do you feel about it??



Canada’s penny heads into retirement
 

As of Feb. 4, the Canadian penny will no longer be distributed. All cash transactions will be rounded up or down to the nearest five-cent increment.

Photograph by: Jenelle Schneider Jenelle Schneider , PROVINCE

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.

For example, something costing $1.01 or $1.02 will go down to $1 while a bill of $1.03 or $1.04 would go up to $1.05.

The most important thing for consumer to remember, said Aquino, is that “this is for cash transactions only.”

If you’re paying by credit or debit card, the price stays the same.

Probably most affected by this are merchants,

A recent survey by the Retail Council of Canada of its members found only 52.9 per cent were ready for the phase-out of the penny.

Just over half the respondents, 56.4 per cent, were going to implement the federal government’s guidelines for rounding prices and even more, 66.8 per cent, were going to do it manually at the point of sale.

Most retailers, 81.5 per cent, believed the changes would cost their businesses $5,000 or less.

Mark Startup, a vice-president in the west division of the Retail Council, said just 20 per cent of point-of-sale transactions these days are cash. He doesn’t think there will be any significant cost to consumers.

“The net impact for consumers is that it balances out,” said Startup.

If you happen to be stuck with a pile of pennies, you can always try improve your fortunes by pitching them down the nearest wishing well.

Probably a better bet is rolling them up and taking them to your bank to exchange for more usable cash.

Failing that, you can always donate your collection of coppers to a worthwhile charity.

Nationally, Free the Children has been collecting pennies in support of clean water projects around the world as part of its We Create Change campaign.

But there other charities looking for your pennies.

Accepting pennies, rolled or not, is the North Shore Resources Society, which has an office in Capilano Mall. More information is available at 604-985-7138.

The Small Animal Rescue Society of B.C. is holding penny drives April 21, July 21 and Oct. 21, but it’s also taking any loose change you might have, as well as returnable bottles and cans and even Canadian Tire money.

In Kelowna, Habitat for Humanity is also collecting pennies to support affordable housing.

But if you’re not inclined to roll your pennies up for the bank or donate them to charity, there’s always other uses — like tiling a floor.

The Standard Hotel in New York City has such a floor and there are tutorials online about how to make such a unique copper creation — at a blog called HappyRoost and at ehow.com.



Read more: http://www.theprovince.com/Canada+penny+heads+into+retirement/7912245/story.html#ixzz2JyLw3ykq

by on Feb. 4, 2013 at 5:33 PM
Replies (71-73):
supermama322
by Kaylee on Feb. 4, 2013 at 11:02 PM
Lol whew!!
too bad i boycott timmies..grrrrr!
I saw the article you're talking about. Ugh that sucks. Oh well. I can't remember the last time I used cash anyways.


Quoting Freela:

 Well, Tim Horton's at least said that they will round 2 cents and under down, so at least Timmies' is being agreeable!




Quoting supermama322:

Yikes.. i hope not!


Quoting Freela:


 



I hope that's how it works out! I was reading an article on Huffington Post yesterday that stated retailers could decide how to round off, so if they want to always round up there is nothing actually stopping them from doing so. That would irk me!



Quoting supermama322:

Oh no no. Round up for $0.03 and $0.04, round down for $0.01 and $0.02.

Cash purchases only, not debit or credit.




Quoting crumpy_gat:

Hmm I was told it will only be rounded up, debit included. If they also round down then I'm good!





Quoting supermama322:

I guess, you could use debit though. And they're rounding down as well so maybe it will even out lol







Quoting crumpy_gat:

I think it's stupid. I don't want to pay $5.50 when it's only $5.47 etc..it adds up.


 



 




 

Posted on CafeMom Mobile
Freela
by Platinum Member on Feb. 4, 2013 at 11:43 PM

 Yeah, I hardly ever use cash either... so I probably won't notice the difference too much!


Quoting supermama322:

Lol whew!!
too bad i boycott timmies..grrrrr!
I saw the article you're talking about. Ugh that sucks. Oh well. I can't remember the last time I used cash anyways.


Quoting Freela:

 Well, Tim Horton's at least said that they will round 2 cents and under down, so at least Timmies' is being agreeable!


 


Quoting supermama322:

Yikes.. i hope not!


Quoting Freela:


 



I hope that's how it works out! I was reading an article on Huffington Post yesterday that stated retailers could decide how to round off, so if they want to always round up there is nothing actually stopping them from doing so. That would irk me!



Quoting supermama322:

Oh no no. Round up for $0.03 and $0.04, round down for $0.01 and $0.02.

Cash purchases only, not debit or credit.




Quoting crumpy_gat:

Hmm I was told it will only be rounded up, debit included. If they also round down then I'm good!





Quoting supermama322:

I guess, you could use debit though. And they're rounding down as well so maybe it will even out lol







Quoting crumpy_gat:

I think it's stupid. I don't want to pay $5.50 when it's only $5.47 etc..it adds up.


 



 


 


 


 

supermama322
by Kaylee on Feb. 5, 2013 at 12:10 PM

BUMP!

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