The Canadian penny is older than the country itself, and yet as of this fall it will be no more.
The Canadian government has decided to abolish the small coin (of which a majority of canadians do not use), in a move that will save almost $30 million a year. That number excludes any productivity increases, or any time wasted in a long lineups while the person at the front fishes through their pockets or purse for exact change.
Though the penny will remain legal tender, it will no longer be produced by the mint, and will therefore, over time, disappear from circulation altogether.
Personally, I’m a little torn on the issue. I don’t like the idea of rounding prices up or down to the closest 5¢. That being said, I have to admit that I try to avoid pennies like the plague, throwing them into a jar as soon as I get home, where they remain, forgotten and ignored.
That being said, I’m comforted by videos like the following one from Youtuber CGPGrey, which puts into perspective how useless pennies really are, and how, in the end, this is a good move on the part of the government.
Oh well, I guess now’s as good a time as any to cash in my jar, though I’ll try to keep a couple of nice ones so I can bore my grandchildren with them when I enter my rambling age