Could the humble penny be ready to die?
Over the ‘pond’, in Canada, they’re getting ready to say goodbye to an old friend – the penny.
Yes, the Canadian cent (which actually costs 1.6 cent to produce) will no longer be distributed from today, although the coins will remain legal tender for now. The move will apparently save the federal government $11 million a year
But it doesn’t mean that all prices will be fixed in multiples of five cents. It’ll only affect cash transactions, and prices will be rounded up or down accordingly - something costing $1.01 or $1.02 will go down to $1 while a bill of $1.03 or $1.04 would go up to $1.05.
Would it happen here in the UK? Could it? Should it? As we move towards a more cashless society, would you be bothered if all cash transactions were rounded up or down to the nearest 5p? Have a think about it and then, as always write down your carefully chosen thoughts in the space below.