A penny for your thoughts

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.

Why?

  •  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)

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3 comments on “A penny for your thoughts

  1. Nice one….Even I was wondering why people just throw away Pennies…….I liked the Govt. decision…..and after reading your fact I think its the right choice………Nice Article Dominic

  2. i dunno how much a penny is worth but i have saved all the coins from day 1 in muscat, coins include 10,20,50 baisahs. Value is now worth 5 riyals around 600-700 Rs,for which i got a telephone card,it didn’t even last for a week, but the point is small changes will be worth on longer basis. You can always save ur pennies n baisahs which one day might be a wholesome money.
    siru thuli peru vellam,one day it might be handy.There was a girl in my college who used to save all the coins,everyone thought she was collecting coins, then we thought she was saving money,finally she told me that she takes a purse filled coins everywhere she goes when asked why she replied if anyone stalks her she can just throw this at them or beat them with it!

  3. Duck hunting says:

    Hi! I must say that your blog was great and completely worth reading. It was not worth a penny but several dollars. There is so much I got to know about pennies. Though the topic is simple, we never pay much attention to it. Thank you so much for sharing!

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