A nickel for your thoughts just doesnt sound right



A nickel for your thoughts just doesnt sound right

A nickel for your thoughts just doesnt sound right

Published on April 5th, 2008
Published on December 31st, 2009
Colin MacLean RSS Feed
Topics :
Visa , Royal Canadian Mint , Canada

TRURO - On a busy Friday afternoon Jennifer Marshall is waiting expectantly for a co-worker to bring her several rolls of pennies.
"They're a pest. Really, you only get 50 in a roll anyway so what's the point," said the Cavanagh's Food Market cashier.
A lot of customers hate them too, she said. Now it's all about debit and Visa.
In fact, the crusade to banish the penny might be gaining some momentum. Backbench Tory MP Rick Dykstra recently tabled a motion asking for a review of Canada's coinage system "with special emphasis on the one cent coin."
The prospect of axing the penny doesn't bother Kennedy's Variety owner Kevin Kennedy. He doesn't think the loss would negatively affect his business at all.
"I think it would be a bonus, one less coin to deal with," he said. "The only down side would be you'd have to round the prices off."
Nobody likes carrying all that change around, and people just hoard them at home anyway, he said.
According to a Royal Canadian Mint study released last year, almost two-thirds of small retailers, and almost half of consumers favor eliminating Canada's smallest coin.
But eliminating them might take some time. There's an estimated 20 billion pennies in circulation. That's over 600 for every man, women and child in Canada.
The penny has kind of become redundant in recent years anyhow, said Truro Toronto Dominion branch manager Kirk Milligan.
"They're still a demand for it, but it's becoming less and less important as prices keep going up. And people are getting used to the $1 cut off now," he said.
If the penny disappeared tomorrow the only consequence for the bank Milligan sees is not having as many coins to deal with. They might even save a little money from not having to pay to ship the coins in. But as long as there's a demand they'll continue to stock them, he said.
"There's only so many pennies we need to order in at any one time anyway. There's not really a big demand for them in the first place, so it wouldn't make a big difference one way or the other that I can see off the top of my head."

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