18°c Overcast
14°c Cloudy periods
Winnipeg Free Press - PRINT EDITION
Biz to decide the cent's worth
Merchants may still accept copper
FULL CLOSE CUT CLOSECUT - 2010 penny - Royal Canadian Mint photo. (����METROPOLIS STUDIO)
Related Items
OTTAWA -- The penny took another step Monday on what could be a long road to extinction, with businesses given the short-term power of deciding whether they want to keep accepting them.
The Royal Canadian Mint officially ended its distribution of one-cent coins to financial institutions. But businesses can still accept the copper pieces as long as they choose, says Shelly Glover, the parliamentary secretary to Finance Minister Jim Flaherty.
"Pennies will retain their value indefinitely so they can continue to be used as long as they are available, and with businesses that are willing to accept them," Glover said at a Shoppers Drug Mart in Ottawa.
Flaherty announced the demise of the penny nearly a year ago as a cost-saving measure as the mint was spending more to make pennies than they were worth. The last penny made came out of the mint's Winnipeg facility in May of last year.
Retailers who decide to no longer accept pennies as part of cash payments will have to round up or down to the nearest five cents.
"When pennies are not available, cash payments will need to adapt," said Glover.
As an example, if a cash purchase totals $1.61 or $1.62, a retailer who doesn't want to deal with pennies would charge a customer $1.60. If the purchase adds up to $2.28 or $2.29, the customer would be charged $2.30.
The government calls it symmetrical rounding.
Essentially, any final cash amount that ends with a 1, 2, 6 or 7 would be rounded down to the nearest five- or 10-cent increment. Purchase totals ending in 3, 4, 8 and 9 would be rounded up.
Electronic purchases, such as those online or using debit or credit cards, will still be billed to the cent.
And businesses are being encouraged to stop using pennies, to make the transition work smoothly.
The Retail Council of Canada says it's ready, with its members given an extension of the time they needed to adapt to the change.
"We have worked collaboratively alongside departmental officials to help develop tools for our members to use during the phase-out," said Diane Brisebois, the council's president and CEO.
The government has also taken to social-media websites to let consumers and businesses know how to deal with the phase-out.
Renée Gruszecki, a Halifax academic and archivist, has spent the past year making a living through a jewelry business devoted primarily to preserving the country's stray cents.
About 30,000 strategically sorted pennies fill Gruszecki's home and eventually find their way into the accessories produced at Coin Coin Designs and Co.
Gruszecki, a longtime collector of lucky pennies, believes her pieces will help preserve a symbol that is both an object of superstition and a Canadian icon.
"The Maple Leaf is synonymous with everything Canadian. We all identify with it," she said. "Now it's just no longer going to be present among us, so I'm saddened by that."
The Bank of Canada's currency museum has taken steps to preserve the penny's place in Canadian culture. A mural consisting of nearly 16,000 one-cent pieces has been assembled at the museum to commemorate the coin's history.
-- The Canadian Press
Republished from the Winnipeg Free Press print edition February 5, 2013 A4
More Latest News
- Back to Top
- Return to Latest News
More Latest News
(1 of 38 articles for today)
Suspected Maoist rebels attack convoy carrying members of India's ruling party, killing 17
9:26 PM 0
Poll
Most Popular Latest News
- Police searching for suspect who woke sleeping teen
- Traffic backed up on Trans-Canada near Richer
- MTS becomes takeover target
- Overnight stabbings probed
- Teachers vote to donate $1.5M to human rights museum
- Evidence ignored in dangerous driving acquital, appeal court told
- Doctor charged with sexually assaulting teen at HSC
- Driver horrified by scene in rearview mirror after load hits I-5 bridge, road falls into river
- Infamous, chronic pedophile declines to seek parole
- Paying it forward in North End
- Man dies after being pulled from vehicle submerged in Winnipeg retention pond
- 87-year-old woman tells jurors, 'Somebody had to stand up to' Donald Trump
- Chiropractor guilty of sexually assaulting, beating ex-girlfriend
- Crash claims two young women, RCMP say
- 2 dead in crash near Portage la Prairie
- Grocer Joe Cantor dies at 88
- Winnipeg woman camps out in front of legislature to protest child welfare
- Rainfall warning issued for southern Manitoba
- Two men now facing first-degree murder charges in Tim Bosma test drive death
- Flood money paid for CEO's romantic trip
- Seattle man dribbling soccer ball to Brazil killed by car on Oregon Coast
- Man dies after being pulled from vehicle submerged in Winnipeg retention pond
- 87-year-old woman tells jurors, 'Somebody had to stand up to' Donald Trump
- Driver crashes into tree near golf course
- Arrests made after raids on local head shops
- Aboriginal leader Elijah Harper dies
- News of city's $17-million winner leaks out on FB
- Passengers from diverted flight to leave Winnipeg Thursday night
- No threat from bag found at Winnipeg Square
- Chiropractor guilty of sexually assaulting, beating ex-girlfriend
- Grocer Joe Cantor dies at 88
- Driver horrified by scene in rearview mirror after load hits I-5 bridge, road falls into river
- Youth faces murder charge in Pauingassi First Nation death
- Islamic life showcased
- Charges laid against Sharon Home over resident's death
- Chiropractor guilty of sexually assaulting, beating ex-girlfriend
- Unjust justice: Still no aboriginal court in Manitoba
- PC white grape juice recalled nationally over undeclared sulphites
- Demonstrators rally against Monsanto in global anti-GMO protest
- New owner for lumber stores
- Chiropractor guilty of sexually assaulting, beating ex-girlfriend
- Grocer Joe Cantor dies at 88
- MTS to sell Allstream to Egyptian investment group, focus on Manitoba market
- Famous city grocer loved job, customers
- Prominent Canadians back petition to rename Victoria Day to honour aboriginals
- First Nation celebrates groundbreaking on city's first urban reserve
- Skin picking gets status as distinct disorder, should help sufferers access help
- Order of Manitoba recipients announced
- Horrific crash kills minivan driver near Brandon
- New owner for lumber stores
- Aboriginal leader Elijah Harper dies
- Chiropractor guilty of sexually assaulting, beating ex-girlfriend
- Grocer Joe Cantor dies at 88
- 'Revenge of the redheads': Ginger-haired Montrealers gather in celebration
- An uncommon phenomenon
- Passengers from diverted flight to leave Winnipeg Thursday night
- Hundreds pitch in to dig out houses damaged, destroyed by Ochre Beach ice floe
- MTS to sell Allstream to Egyptian investment group, focus on Manitoba market
- Dogs can experience separation anxiety and depression just like humans
Ads by Google
You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is register and/or login and you can join the conversation and give your feedback.
Have Your Say
New to commenting? Check out our Frequently Asked Questions.
The Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010.