The government is phasing out the penny.
Now you go to one of those coin candy dispensing machines, and many of them take one or two dollar bills. When only 10 or 20 years ago, they would take some quarters. Go 30 years back, maybe dimes.
This is all about inflation. The rise of the cost of living. It goes up 3 % on average every year. Mostly, Energy, peoples wages, and goods go up in price every year. Gasoline, never fails to go up or break new barriers every decade. Once we get used to a price for a new high, it stays there.
I used to like the penny. When as a child, I would count them. My parents had big jars of them. I could not wait to get rid of them, and put them in those paper collectors we all use. The 50 c one. I loved it when I would find several 1940s or 50s pennies, with different little stamps on the front. The Canadian Centennial coin, with the bird across its front, was issued in 1967. I hear it is worth, the same as what it was. A penny. I am sure there are some pennies that are worth more, when rare. Now that they have stopped producing them, I believe they will go up in value over time. This will happen when people go to the banks, and cash them all in. Never to be issued again.
I was wondering. What will retailers do at the cash. Will they round up, or round down, their prices to the nearest nickle? Especially if you pay in cash. And, even by means of debit card. Will they get rid of the 100 th decimal point in all transactions. I think they can even use the 10 th decimal point, for all transactions now. Why not. Interesting.
Will the world follow Canadas new system of monetary decimal pointage? This is unknown. Will the rest of the world get rid of the penny? The real problem, was probably the cost of producing the penny compared to its value in todays world. We always see a penny dish at retailers shops. There, on the dish, says take a penny or drop a penny. When you were short of a penny or two, you could always take from the dish. If you had excess pennies, you could drop them in there.
Of course, there are many who do talk about a futuristic cashless society. With Debit card and chip fraud on the rise lately, they have little to compare with the old counterfeit of bills. People still need to transact among one another, and cash is the only way of doing this today in some instances. Also, if you lose electrical power, or if your terminal goes down, you need cash to keep things churning. People sometimes forget, that cash is the ultimate freedom. No one can track your purchases. Some point cards, as good as they are at saving, do track your purchases.
No one cares for the penny, anymore. A hassle to wrap, and when tallied they just did not make allot of value in todays world of incredible inflation. Maybe if a world of deflation every comes back, maybe, just maybe, you may return. Have a great day. Till next time...