Yesterday, on Monday, February 4, the Royal Canadian Mint stopped issuing the penny, Canada’s one-cent coin. It now costs more to produce a penny than it’s worth.
Pennies will still be used for a time, but eventually, stores will stop using them.
Amazon will still charge Canadians $1.03 for that 99 cent book and that’s what will show up on your credit card. But if you are in a physical store using physical money, your price will work this way:
The nickel, our smallest official coin now, will continue to be useful.
So what do you do with all your pennies?
- Take them to the bank and change them into something else, like nickels, dimes, quarters, loonies or toonies. Or deposit them.
- I know that the Rockyview Hospital is collecting cans of pennies. If you happen to be there, you can deposit your pennies to help out a good cause.
- If you are so inclined, you could collect a few to show your grandchildren. When I was a child, my mother got us those little blue penny folders.
Will pennies someday be valuable?
Not for a long long time since there are literally billions and billions of pennies out there. Some them in those little blue folders, and some just sitting in jars. Our American friends may even have a few.
Does your country have a one-cent coin?