Pennies are no more

Pennies are no more

Canadian_PennyThe Royal Canadian Mint stopped delivering 1 cent coins to financial institutions lon Monday 4th February, 2013.

This is due to their production and distribution costs being higher than their monetary value.

Many businesses will continue accepting pennies for some time, others won’t. If you do not have any when paying for your purchases by cash, businesses will round up or down their prices to the nearest nickel.

Consumers who have accumulated great quantities can bring them in to financial institutions, who are obliged to take them only if they are packaged and rolled-up.

It is also possible, in credit unions such as Desjardins, to deposit pennies in piggy banks. The money collected will be used by the Desjardins Foundation and the Association des foundations en santé du Québec.

Since its foundation in 1908, the Royal Canadian Mint hit the 35 billion cent piece mark and hopes to recuperate around only 6 billion in the next few years. They will be sold to metal shops for recycling.
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LifeinQuebec.com Staff Writer
Rounding_up_money

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