published February 27, 2013
The Canadian government is phasing out the use of
the lowly penny. In fact, as of February 4, the Royal Canadian Mint will no
longer distribute pennies.
Apparently, it cost more than a penny for the mint
to produce the penny. And the handling
costs to deal with pennies for retailers, financial institutions and the
economy, in general, amounted to more than the face value of the pennies. The
Canadian government has estimated taxpayers will save $11 million annually by
doing away with the penny.
So the Canadian government bid adieu to the lowly once
cent piece.
However, phasing out pennies only applies to cash
transactions; there is no impact on payments made by cheque, er, check, or
electronic transactions. And pennies can still be used in cash transactions
indefinitely with businesses that choose to accept them.
...
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Linda
Rosencrance is a freelance writer/editor in the Boston area. Rosencrance has
over 25 years experience as an reporter/investigative reporter, writing for
many newspapers in the metropolitan Boston area. Rosencrance has been writing
about information technology for the past 16 years.
She has
covered a variety of IT subjects, including Microsoft Dynamics, mobile security
issues such as data loss prevention, network management, secure mobile app
development, privacy, cloud computing, BI, big data, analytics, HR, CRM, ERP,
and enterprise IT.
Rosencrance
is the author of six true crime books for Kensington Publishing Corp.
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