Complaints bring penny back — for a little longer
Canada chooses to keep the copper coin around for a little longer, after retailers raise a notable argument.
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Penny gets last-minute stay of execution -
after retailers complain to Finance Ministry...
–30 Jul, 2012
OTTAWA - The penny is getting a last-minute reprieve before being killed off as a circulated currency in Canada.
It can thank the holidays for its life being extended for a few more months.
Finance Minister, Jim Flaherty, announced the penny will no longer be circulated as of 04 February 2013.
The Royal Canadian Mint was originally expected to begin taking it out of circulation by this fall.
The last penny made came out of the mint in May.
Retailers complained the transition to a pennyless marketplace would be too much of a burden right before the busy holiday season.
After 04 Feb. 2013, cash transactions will have to be rounded to the nearest five cent increment, but electronic transactions will still be calculated down to the individual cent.
Flaherty announced in his March budget the penny would be phased out, saving taxpayers an estimated $11 million annually.
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That reminds me -- I better roll all my pennies and take them into the bank while they're still worth something!
ReplyDeleteno rush deb, current face value does not match its value as copper!
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