As I arrived in Canada, there were a lot of new things I noticed. One of them was the “pennies”, pennies lying around in gas stations, subways .etc. People even used it to balance an uneven table. Being new to the system I felt guilty doing that myself. If I dropped a penny I would pick it up, somehow it did not feel right to me. Since then I have been thinking about the impact of penny and its role in the economy. Is it really worth anything at all? And imagined what if all the pennies that were stacked up in our homes, were brought out. So I started reading about it and found some interesting things.
People have been using pennies for anything other than making payments. I found a long list of things to with your pennies- 83 things you can do with your pennies. I personally don’t use pennies mostly. If I had to make a payment 1. 11 cents, I would rather pay it as a dollar and a quarter. Later I came to know that the federal Government has officially stopped minting cents and has declared pennies as worthless. Officially the penny will be mostly removed from the Canadian economy. However, the transactions involving pennies will soon be rounded off to nearest 5 cent.
- It cost 1.6 cents to make a penny. (Now that doesn’t make sense)
- It cost Royal Canadian Mint $ 11 million a year
- Considering the wages in Canada, people could earn a penny every 2 seconds. (So fiddling for a penny while at the cash counter makes no sense, you would probably be earning more in that time period)
- Pennies are not accepted at any vending machines. (I can’t grab a coke with pennies, now this makes pennies nonexistent)
According to a study, “Canadians could be hoarding several billion pennies”.
So what do you do with them? The options are
- Free them by donating to charity
- Continue to treat them like always
- Payback what you owe as pennies to the person you hate (this happened with my roommates)
- Be man enough to do something like this -A Man used 62000 pennies to make his final mortgage payment
(The information above is just my opinion, I am not an expert)