Sunday, February 18, 2007

Poor, Useless Penny

I just took a look at the CFRA poll for today, and today's question referred to an unnamed Canadian financial institution that called for the Royal Canadian Mint to stop producing the penny. I think this would be a marvellous idea (and I'd like to know which financial institution this was). I hate pennies! (I hate Canadian Tire money too, which is why I never pay for purchases at Canadian Tire in cash or with debit.)

Honestly, what is the point of the penny? Certainly it was worth something at some time. In fact, in the UK, they used to have half pennies, which were minted up until 1984, and even farthings, which were valued at ¼ of a penny, and they were demonetized in 1960. However, the days when a penny would actually buy you something are long gone. No vending machines accept the penny. (Did they ever?) Australia got rid of the penny in 1992. It's time to do the same here. It costs too much to make and handle, and it takes up too much space in the change purse. Too bad small-c conservative people would protest the penny's demise. (I see that most CFRA listeners prefer to spend theirs.)

1 comment:

Ron said...

Yeah, I agree it's pointless, but there's something reassuring about the fact that it's value is one (1) of something -- so that, when you get x of them together you have a value of x cents. Incidently, that's also the nice thing about the dollar.

You put 47 nickels together and you get some weird multiple of 5. :)

There's something very metric about it, and that's no reason to keep it around, but retire it with a bit of dignity. Poor creature.