I’m starting to feel old. I’m thinking that the time when I am going to sit down with Adam and tell him “when I was a child” is getting closer and closer. In the past few weeks our government has announced that this fall they will no longer be distributing the penny. They are ceasing manufacturing it and it will save about $11 billion dollars a year by not doing so.
I hate politics, and the current government isn’t one that I voted for anyways. I’m not going to write my member of Parliament or make a stink because honestly – what’s the point.
In the fall my 2 Cents isn’t going to be worth anything anyways so why not say it now.
Dear Penny – I’m going to miss you!
Many people hate pennies and this often works out to my advantage. For example my Dad hates pennies, so he gives them all to me. A handful here, a handful there results in a nicely padded savings account for Adam.
I love collecting pennies. I love counting pennies and I love rolling pennies. People look at the penny and think it’s not worth much. I look at a penny and try to figure out how I can squeeze two more out of it. I look at a stack of pennies and spend an hour rolling them. People think it’s a waste of time but if I end up with a little over $10 that is minimum wage, so my hour wasn’t wasted.
I get sad thinking that my child, won’t know what a penny is. Sure I’ll keep a few around the house but by the time he’s learning about money the penny will be something that happened ago. Something in the history books, something that he will ask “Mommy, do you remember using a penny? Wow you must be old.”
Then there is the whole transaction part. The majority of the time I use my debit card, so the exact amount isn’t an issue. When I do use cash however we’re going to have to round to the nearest nickel. So I will essentially be paying more for an item because pennies don’t exist, unless everything will be rounded down. Let’s say I make 5 transactions a day and they all have to be rounded up 2 cents. Over a year that is an extra $33.60 out of my pocket. To me that is a lot of money. Will the government be reimbursing us for that? Lets say they did and there are 34 million people in Canada. The cost of getting all those extra cents back would equal a little over $11 billion dollars. So why not just keep making the penny?
Now if it’s all rounded down then well I guess I’m richer then I think!
I digress –
It is what it is, and we will all adapt to it. I guess if the nickel is the new penny then Adam’s bank account balance is going to grow even faster.
I will now offer to take any and all pennies off your hands. Please call me, e-mail me and I will gladly pick them up, roll them and deposit them into Adam’s bank account.