Canadian Penny Originally uploaded by iceflowstudios
Most of us went through this with the $2 Bill and the .50 coin. But now there has been various talk about phasing out the penny. What do you think of this proposal?
Out of 2 billion coins produced last year, 1.2 billion were pennys. The reason for the mass production is that penny’s are often stored in “piggy banks”, “car ashtrays” or “under the bed” and never go into circulation. If phased out, everything will be rounded up or down to the nearest nickel.
I personally don’t think it makes sense and see a lot of potential abuse. An average gas bar serves at least 50 vehicles a hour. If every vehicle pumped .2 cents over. Then every vehicle would get .2 cents of free gas. To the vehicle owner, 2 cents means nothing, but to gas bar serving 100’s of vehicles a day, it can really add up.