Well in case you haven’t heard there has been a bill introduced to try to remove the penny from cash transactions in Canada. The idea is we would round up or down by the nearest $0.05 and keep pennies only for electronic transactions. The approximate savings would be $1.3 million a year.
I have to admit I rather like this idea. I can’t recall anything I can buy for a penny anymore so that implies a sort of useless part of our currency. Not to mention about 85% of my paycheck gets moved around electronically. I don’t use a lot of cash, so personally the effect of removing it from circulation would hardly be a problem for me.
So that’s my take on the penny debate. Get rid of it already. Oh, by the way, there is also an idea out there to produce a $5 coin. So what do you think of all these ideas to mess with our money?