Well, well. I wrote a month ago about the issue we Americans have with our one cent piece–that it’s practically worthless, costly to make, and cumbersome.
Lo’ and behold, the Canadians had already made the decision in March to phase out their own copper-colored currency. And on May 4th the Winnipeg mint pumped out it’s last penny.
How will this work? The same way other countries have phased out their lesser coins: by rounding. If something costs 78 or 79 cents, it’ll now be 80. If it was 76 or 77, it’ll be 75. If this gets done accordingly, people won’t be out, uh, a penny.
And the pennies out there in circulation will still be acceptable tender. In fact 30 billion are said to be out there. So don’t expect to see the last of them for a little while.
Perhaps the U.S. will follow suit?
At my old restaurant job last fall, we took matters in our own hands and phased out the penny independently. Change was always given back to the nearest nickel.
Read more about the Canadian Penny’s last days here.