Monday, February 4, 2013
TORONTO -- The phasing-out of the penny will lurch ahead today with the Royal Canadian Mint officially ending its distribution of one-cent coins to Canada's financial institutions. It's the sad passing of a Canadian institution. I remember a time when you could get three mojo candies for a penny. A dollar's worth of penny candy would last the entire matinee.
The move comes nearly a year after Finance Minister Jim Flaherty announced the demise of the penny, whose production cost came to exceed its monetary value. Anyone paying cash will have the cost rounded up or down for payment. Those who use debit will see no change. Charities are hoping to cash in on the end of the penny as they encourage those who no longer need them to help others with them. Some of course will find their way into jewelry or other art works. They remain legal tender in case you still want to pay your parking tickets in pennies.
Posted by Kal at 10:54 AM