We’re going to lose the penny. After 104 years, the Canadian penny will be phased out this year.
I’m not quite sure how I feel about that yet.
My wallet will definitely be lighter without all that copper floating around in it, and for the government, it makes financial sense (cents?) to eliminate it, because it costs more to produce than it is actually worth.
And we’re not trendsetting with this change. Other countries have eliminated their low denomination coins successfully.
But it’s going to be weird, don’t you think?
I think it will.
Apparently, we will still be paying to the cent on credit card, debit card and cheque transactions. But when it comes to cash, things will be rounded up or down, depending on whether the price is closer to zero or to five.
I don’t really like that idea. If something comes out to four cents, then I want to pay four, not five.
Apparently, I am a penny-pincher.
Will we be able to use that term anymore? Or will those of us who like to watch our “small denomination coins” get termed something else? Nickel watcher, perhaps?
Because of the rounding up or down, I doubt I’ll be doing a lot of cash dealings in the future. I don’t do a lot now — my debit card comes in quite handy for paying for things — and because of my thrifty nature, I will likely be using it more.
But losing the actual penny makes me kind of sad.
What will we put in jars, then one day, roll up and take to the bank for real money?
What will we count out in line at the grocery store, holding up everything, because we are tired of them taking up so much space in our wallets?
What will we throw in wishing wells because we’re too cheap to say goodbye to a quarter?
It’s going to be weird, I think.
And according to some stories being written about this issue, the nickel may be the next coin cut from production and use.
That means rounding to the dime.
That’s too much for my penny-pinching mind to take. I can’t process that yet.
It will take me until later this year to bid the penny farewell, just in time for them to disappear.