Readable, teachable news.
Tuesday, March 19, 2024
The penny has been dropped from Canada’s currency.
On Feb. 4, the Royal Canadian Mint stopped sending pennies to banks and businesses.
The government decided that pennies cost too much to make and distribute. They estimate the country will save about $11-million by eliminating the penny.
Without a one-cent coin, many business transactions will change.
The Canadian government told businesses they can “round” cash sales to the nearest five-cent mark.
The Canadian penny will soon be a thing of the past—like the Canadian one-dollar and two-dollar bills. The loonie and the toonie replaced those bills in 1987.
In its last budget, the government said the Royal Canadian Mint will stop making pennies starting this Fall, and that stores will stop using them.
Everyone is asked to return their pennies to a bank; they will be melted down and recycled.
Pennies will always be worth one cent. However, there will be fewer and fewer of them out there as the years go on.
Any prices that don’t end in a zero or a five (in other words, purchase we can use nickles, dimes or quarters for) will be rounded up or down to the nearest zero or five.
