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W Canada's Penny 5.12 Wha t's Happening I N T H E W O R L D ? BY LAWRENCE GABLE VOL 12, NO 9 MAY 2012 anada has had a one- people to donate their pennies cent piece for a long to charities or bring them to C time, but over the banks. Eventually the one-cent years it has lost its value. piece will just disappear from Now it costs more than one everyday life. cent to produce and distribute a Businesses will contin - penny. On March 29 the govern - ue to calculate sales to the penny. ment in Ottawa announced that it When customers pay with a debit will stop minting the penny later this year. There is or credit card, they will pay the exact The early Canadian coins actually amount. The majority of transactions are came from Britain. After the mid-1700s Value in electronic, especially large ones. Getting Britain ruled in Canada. By the mid- Eliminating rid of the penny will have no effect on 1800s the Canadians were governing them - the them whatsoever. selves, but they still used the British monetary Merchants will handle cash trans - system. In 1858 Canada switched from the Penny actions differently without the penny. They will British system of pounds and shillings to a decimal calculate the exact total, but then they will round the system of dollars and cents. amount up or down to the nearest nickel. For example, The Royal Mint in Britain made the first for $5.68 the merchant will round the total up to $5 .70. Canadian coins in 1858. It made 20-cent pieces, 10-cent For $5.67 they will round down to $5.65. Economists pieces, 5-cent pieces and 1-cent pieces and shipped them believe that rounding up and down will even out for across the Atlantic. In 1908 Canada opened its own customers in the end. There is some concern that some mint, although it was a branch of the Royal Mint. Its merchants will round up more often than they should. first coins were a 50-cent piece and a bronze cent, which However, many cash registers will automatically round was a little larger than a modern 25-cent piece. The the amount correctly. penny became its current size in 1920. Rounding could actually help customers in a A century ago the penny had real purchasing couple of ways. When companies set prices, they like power. It has been a long time since gumball machines to use prices that end in “.99” so that customers do not and parking meters have accepted them though. Many think about the next whole dollar. Because of rounding, people do not even bother to bend over to pick one up they may set prices lower so that the rounded amount off the sidewalk. Pennies are the favorite coin for people ends up at “.95” rather than the whole dollar. Rounding to toss into fountains. A survey in 2007 revealed that may also cause a delay in higher prices. If someday a only 37 percent of Canadians use pennies anymore. company needs to raise its prices by only a few cents, The Canadian government has finally decided it may choose not to rather than force the customer to that it costs too much to keep the penny. It spends 1.6 see an increase of a whole nickel. Once again, though, cents to produce and distribute each penny. In addition any gains or losses to customers and companies will to that, Canada’s big banks handle more than nine billion even out over time. pennies a year. They spend $20 million annually to Canada is not the first country to do this. At store, transport, count and put those pennies into rolls. least nine other countries have done away with their By getting rid of the penny, Canadian taxpayers will least valuable coins without any real problems. One save about 11 million Canadian dollars every year. of them, New Zealand, even did away with its five- Canadians always will be able to use the pen - cent coin in 2009. The Royal Canadian Mint will nies that they have. However, whenever banks get them, stop distributing the penny in the fall. Although it they will send them back to the Mint for recycling. For will be strange for people for a while, getting rid of now the government is recommending that people open the little penny should bring a big benefit to the their piggybanks and clean out their drawers. It wants Canadian economy. Wha t's Happening I N T H E W O R L D ? BY LAWRENCE GABLE VOL 12, NO 9 MAY 2012 anada’s one-cent government recommends piece has lost its that people open their pig - C value over the gybanks and clean out their years. Now it costs more drawers. It wants them than one cent to produce to donate their pennies to a penny. On March 29 charities or bring them to the government in Ottawa banks. Slowly the one-cent announced that it will stop minting piece will just disappear. the penny. There is Businesses will continue The early Canadian coins actu - Value in to calculate sales to the penny. When ally came from Britain. After the mid- Eliminating customers pay with a debit or credit 1700s Britain ruled in Canada. By the the card, they will pay the exact amount. mid-1800s the Canadians were governing Penny Getting rid of the penny will have no themselves, but they still used the British effect on them at all. monetary system. In 1858 Canada switched from Merchants will handle cash sales pounds and shillings to dollars and cents. differently without the penny. They will calculate The Royal Mint in Britain made the first the exact total, but then they will round the Canadian coins in 1858. Among them were the amount up or down to the nearest nickel. For first one-cent pieces. In 1908 Canada opened example, $5.68 will become $5.70, and $5.67 will its own branch of the Royal Mint. Its first coins become $5.65. Rounding up and down will even were a 50-cent piece and a bronze cent, which out for customers in the end. Many cash registers was a little larger than a modern 25-cent piece. will automatically round the amount correctly. The penny became its current size in 1920. Rounding could help customers in a cou - A century ago the penny had real purchas - ple of ways. Companies like to use prices that ing power. It has been a long time since gumball end in “.99” so that customers do not think about machines and parking meters have accepted the next whole dollar. Because of rounding, they them though. Many people do not even bother may set prices lower so that the rounded amount to pick one up off the sidewalk. A survey in ends up at “.95” rather than the whole dollar. 2007 showed that only 37 percent of Canadians Rounding may also delay higher prices. If a use pennies anymore. company needs to raise its prices by only a few The Canadian government has decided cents, it may choose not to rather than force the that the penny costs too much. It spends 1.6 customer to pay a whole nickel more. cents on each one. Canada’s big banks handle Canada is not the first country to do this. more than nine billion pennies a year. They At least nine other countries have done away spend $20 million a year to store, transport, count with their least valuable coins without any real and put those pennies into rolls. Getting rid problems. One of them, New Zealand, even did of the penny will save Canadian taxpayers 11 away with its five-cent coin in 2009. The Royal million Canadian dollars a year. Canadian Mint will stop producing the penny in Canadians always will be able to use the fall. It will be strange for people for a while, their pennies. However, banks will start sending but getting rid of the little penny should bring big pennies back to the Mint for recycling. The savings to Canadians. CANADIAN PENNY Background In formation In 1931 Canada’s mint became the Royal Canadian Topics for Discussion and Writing Mint under the control of the Canadian Finance Pre- reading: Department. • What do you do with the pennies that you get? The Royal Canadian Mint put 1.3 billion coins in circu - Comprehension: lation in 2011. Half of them were freshly minted, and • Explain how transactions in Canada will happen without half were made from recycled materials. pennies. Beyond the Text: From 1982 to 1996 the one-cent piece was twelve- sided in order to help the visually impaired. Otherwise • For what kinds of purchases do people pay cash the coin always has had a round, smooth edge. rather than use credit or debit cards? • Explain the significance of the images on some At the current exchange rate the Canadian cent is worth American and foreign coins and bills. nearly the same as the U.S. cent. • How would customers respond if they thought that a In 1953 Canada put Queen Elizabeth II on its coins. In merchant were always rounding the total up? 1965 it updated her image on the coins. Vocabulary (*advanced article only) The Royal Canadian Mint has produced 35 billion pen - Article-specific: nies since 1908. It produces 600 million pennies each to mint; monetary; branch; bronze; year. Until 1997 it made them of copper, but changed to donate; charity; electronic*; merchant; to copper-plated zinc, and then to copper-plated steel.
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