Tuesday, October 21, 2014

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Canadian Mint retires Canadian penny

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CNY/NNY/S. Tier: Canadian Mint retires Canadian penny
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Pennies fill up your pockets, purses and cup holders. However, people in Canada are going to have a little more room after official’s retired production of the penny. YNN's Carmella Mataloni spoke with some people from Canada who say while it is a loss, the idea behind it makes cents.

CANADA -- They say a penny saved is a penny earned. However, those pennies are going to be hard to find in Canada. The Royal Canadian Mint produced its last penny in May of 2012 and Monday, they stopped distribution all together.

"It's not a problem. I think it's better and I think this is the way a lot of countries are when the unit is so small," said Alexander Stefanof of Quebec.

"It doesn't really matter to me. I think its fine that we don't have pennies. Maybe it's going to save a lot of money and I have no real opinion about it actually," said Ontario resident Penny Greenlees.

Officials decided it was time to retire the coin after they found the cost of production was more than the actual value of the penny. Something Quebec resident Alexander Stefanof says was a good move.

"It's a waste of money. To produce one penny, you spend almost five, I heard about five times more and what for? To spend more money to produce something that's not a profit," said Stefanof.

Now for all cash transactions, the price will be rounded to the closest five cents. For example, if your total is $1.02, the price rounds down to $1.00. If your total is $1.03, it rounds up to $1.05 and so on.

"There is going to be a whole slew of rounding up and down so until we get that down. It's going to be interesting," said Julia Turner of Toronto.

Although the people who we spoke with say that losing the penny isn't a big concern to them, the ones that they still have they are going to keep and hand down to their next generation.

"Leave them to your grandchildren or whatever. It’s part of your history," said Greenlees.

"We are going to keep the penny as a souvenir,” said Stefanof.

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