"Eliminating the penny would cause little or no inflationary effect, and in some cases might cause prices to fall, says a draft report written for the Bank of Canada.
Prices frequently end in a "9" to create the perception that, for example, $9.99 is much cheaper than $10, says the draft. If the penny were ditched, merchants might post the price at $9.95, saving a customer four cents. "This would cause the level of the (Consumer Price Index) to fall," the draft suggests."
Judging from the online poll, Canadians might already be prepared to stop spending a penny. Of 869 respondents, 56 per cent argued for taking the coin out of circulation, and some suggested how to do so
# Melt them into bullets for our troops in Afghanistan, wrote John Bandalewicz of London.
# Cash them to buy oranges for African children, recommended Betty Morgan of Port Williams, N.S., whose church recently did just that after a penny drive.
# Gather them and redistribute them to single mothers with small children – "a 20-pound child will be given 20 pounds worth of pennies," said Paul Lauzon of Ottawa."
I hope they do get rid of the penny, personally. I hate the damn thing. Always clogging up my penny jar, they always get in the way and all of you know it too. All prices should just end with a 5 or a 0. That would make life so much easier especially because the math will be easier. No more 23+29, now its 20 and 25. Maybe I'm just bad at math. Maybe I'm not. But I'm good at finding a realty on the subject and I say THE PENNY MUST GO!.
Until next time,