According to a Desjardins Group said in a
research report Canadians would be better off without the penny. They claim that of the 30 billion pennies issued since 1908 almost 10 billion are in childrens piggy banks or at the bottom of some body of water.
Today on the news Prime Minister Harper said that his only attachment to the penny was as a long time coin collector, which could mean the penny could be dropped out of circulation.
Whatever will happen to the saying a "penny saved is a penny earned"? They'll have to change it to a dime saved is a dime earned?
They claim that prices won't be adversly affected. Amounts coming to 3 or 4 cents wil be rounded up to 5 cents and amounts at 1 or 2 cents will be rounded down to 0. The Canadian consumers will pay for it in the long run as I would imagine that most prices would raise because of this action.
Just think if a large corporation made purchases of one billion dollars which every 100 dollars was increased by 2 cents the gross cost would be $200,000 increase (due to two cent increases). Who said a few pennies aren't worth anything.