The federal budget was announced yesterday, along with the decision to get rid of the penny. Now, it makes sense – it costs 1.6 cents to make a coin that’s only worth one – but I was a little confused as to how this would work.
The Canadian Mint will stop making pennies this fall. They’re still going to be legal tender, so no stressing about the change jar at home suddenly being worthless. If you still have pennies on you when you’re shopping, you can use them, but if you don’t prices will have to be rounded up or down. So, $1.02 will become $1 and $1.03 will be $1.05. Payments with debit, credit cards (or cheques if you’re stuck in 1983) will be paid out to the penny.
Some people think it’s about time the penny disapeared. Some are not so thrilled. I had to giggle at this tweet from the Canadian Penny itself though: