2012 may not turn out to be the end of the world, but it might be the end of the Canadian penny. They've been talking about it for decades, but with the recent Senate finance committee recommendation, the first real nail has been hammered into the penny's coffin. There are a number of political hurdles yet, but it looks like the end is officially near. I know the news media picks up this story about once a year, but I'm betting its for real this time. I'll be sad to see the twin maple leafs go. Judging from the poll attached to the linked story, public support is behind it.
I don't support the elimination of the penny in any country. Retailers will just rip you off when sales tax is added. People using electronic payment options won't notice a difference but cash payers will get the shaft. If this ever gets serious in the US I will hoard pennies. If history proves correct they will still be legal tender.
That belief is precisely why it may well work in Canada (as in many other countries in the world) but not in the US. Those who have dealt with rounding of cash totals for many years know how it works. In theory you can even profit by using cash whenever the total is rounded down while using plastic when the total would be rounded up. But as far as I know, hardly anybody does that. Christian
I would be sad to see it end. I really enjoy the Canadian cents, and I have a complete run from 1953-2008, although some of them are really nasty looking and could stand an upgrade.
