The Penny's Demise Saying Goodbye to the Penny

Monday, February 04, 2013
We said goodbye to the penny today! As of February 4, 2013 the Royal Canadian Mint stopped distributing the penny. This was because it wasn't cheap to produce the coin, on average 1.6 cents to make 1 cent.

What do you do with your pennies? Banks are still accepting them, they just aren't going back into circulation. There are 6 billion pennies out there.

Debt and credit transactions will be charged the same, cash transactions will be rounded up or down to the nearest nickel. Example if your total is $1.01 or $1.02 it will be rounded down to $1.00. If your total is $1.03 or $1.04 it will be rounded up to $1.05 Click here for more details about rounding guidelines.

Are you sad to see the penny go?

2 comments :

  1. MelodyFebruary 4, 2013 at 4:14 PM

    Not going to miss it at all, too heavy in my wallet anyway.

    ReplyDelete
  2. AnonymousFebruary 4, 2013 at 9:26 PM

    I have jars and jars of change... which means i have jars and jars of pennies. sigh. i'm going to have to sort all these out!

    ReplyDelete

Have any questions or comments? please post them below!

Subscribe to: Post Comments ( Atom )