Canada Eliminates The Penny
 

"In a welcome, albeit long overdue attack of common sense,
Canada Eliminates Penny Costing Penny-and-a-Half to Make.

Canada will withdraw the penny from circulation this year,
saving taxpayers about C$11 million ($11 million) annually
and forcing retailers to round prices to the nearest nickel,
the government announced in its budget today.....

.....Economists said there would be "little" impact on inflation.
Actually, there will be "no" impact on inflation. The penny has
not been discarded as a pricing point, rather final transaction
costs will be rounded to the nearest nickel."

Now we'll have to nickel-pinch to save. :)

I will be happy when the penny is gone. I hate the smell of copper on my hands after handling pennies.

I experienced this first-hand a few years ago when I visited Finland, which also instituted the rounding many years ago. I think it's a good idea, as it saves the gov't money and makes lives easier for people paying or giving change. http://www.xoutpost.com/images/smilies/thumbup.gif

Will be always rounded up, i.e. $4.01 -> $4.05? It is an inflation, strictly speaking.

No, it will be rounded to the nearest multiple of $0.05, either up or down.

Eliminating the penny in Canada will help the government mint but you will still wind up with 2 pounds of change in your pocket with the Loonie and Toonie. :tsk:

Coin denominations of $1 and maybe $2 last longer than paper bills. I know at one point the US gov't pushed dollar coins since it wouldn't have to print so many $1 to replace the ones that get worn out so quickly.

Personally, whenever feasible, I use the dollar coin. When I make withdrawals at my bank I will request a few dollar coins instead of single bills.

:iagree: ... I have a doubled up, freezer bag(s), full of 'change' from Europa, Japan, et al, and those wonderful Twonies & Loonies.

A pocketful of 'euro shrapnel' = I know I am travelling out of the US.

I like paper money, preferably Bens, and I have all the golf ball markers I can use. :rofl: