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Retailers tell Canadian Mint: Get rid of the penny
The Canadian Press
Date: Wednesday Oct. 10, 2007 7:16 PM ET
OTTAWA Canadians have given the Royal Canadian Mint more than their two cents worth about what they can do with that ubiquitous brown coin filling jars around the house.
In a survey on the future of the penny, Canadians and particularly retailers have told the Mint that it should follow the example of Australia and New Zealand and get rid of the nuisance coin.
The poll found that an overwhelming majority (63 per cent) of small retailers _ the fast food restaurants, grocery stores and coffee shops that regularly come into contact with the coin _ want the penny to be removed from circulation, while only 19 per cent favoured its continuance.
The opinion was more split with customers. Of 1,500 Canadians polled, 42 per cent agreed with retailers that the penny is not worth the copper it's minted with, although 33 per cent said they still wanted it around.
One reason for customers' greater reluctance to get rid of the penny is that Canadians overwhelming believe retailers will use this as an excuse to round prices up, rather than down.
The two most often cited reasons for getting rid of pennies by retailers are that they cause them to carry too much change and they are practically worthless. In fact, the vast majority of retailers say they allow customers to purchase a product even if they are a penny or two short.
And customers told the Mint that they often toss their penny change into a jar on the counter.
But the penny has its defenders, including large retailers that are concerned about limiting pricing options and tax implications.
A spokesperson for the Mint said no decision has been made on whether to act on the survey results, adding that it would be up to government to order the penny's removal.
And Christine Aquino of the Mint wanted to clear up one general misconception _ the penny is worth more than it costs to make it, although it's a close call.
The Mint survey does make it clear that removing the penny would not be an easy proposition. There are approximately 26 billion in circulation and the Mint churns out a billion more each year.
The easy part would be to simply stop making them. But after that it gets more complicated, the Mint says.
For instance, some suggestions are for the Mint to buy back all the pennies and melt them down, although collecting 26 billion pennies would take time. And what would happen to hoarded pennies that were not turned over for destruction, would they remain legal tender?
Another reason to retain the penny, a large majority of Canadians told the Mint, is that it is simply part of Canada's heritage. And that is worth something.
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I think he was pushed to take matters into his own hands. I have a teenage son and if he was involved with a drug dealer I would be furious and try anything to save him like this father did for his daughter. Why do police often say they can't do anything until it's too late? Whether it be a drug dealer or an abusive spouse, the police can't seem to do anything until something really bad happens. In this case they could have raided the drug dealers home and arrested him. The whole town knew what was going on in that house but yet the police chose to do nothing. Release this man and give him a medal for doing the right thing by his daughter. I can't wait to see the episode on W5, I will certainly be watching this one.
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Larry Pike - St. John's
said
Kevin Commonsense
said
VBiggar
said
Andrew
said
Susan
said
Happy Canadian
said
My wife and I used to collect change to give ourselves weekends away!
These things add up!
Just another way for retailers to take advantage of us!
JTJ
said
Richard (Vancouver)
said
Brian Lang
said
Uwe Warkholdt, Elliot Lake, Northern Ontario
said
Are they not making enough money as it is or would you like to fill their pockets just a little more?
"Just food for thought".
dan
said
Kevin
said
Brian E
said
CM
said
A. C.
said
Why do we have to be like some other country, why can't Canada be unique?
Keep the penny!
BJ
said
Dan S
said
johnn
said
About 25 years ago, I was in The Netherlands. Their solution: Price everything just the way it is now, calculate the taxes, and look at the bottom line amount.
Round it off to the nearest nickel, and that's what you pay.
On some purchases you lose two cents, on others you gain two cents.
No more pennies to worry about or carry around.
Simple . . . (too simple, perhaps?)