Why is Canada Getting Rid of the Penny?
Pennies cost more to make than they are worth. As such the Canadian government announced in 2012 that the Royal Canadian Mint would not be making any more pennies and that they would eventually be removed from circulation.
Had people kept pennies in circulation more often perhaps it would not have come to this, but many people disregard them when they see them on the sidewalk, or have many pennies in cups and bowls at home that they simply forget to use. This forced the government to make more pennies all the time, costing the government a lot of money.
Canada is not the first country to get rid of the penny, Australia has been without the penny coin for years.
Had people kept pennies in circulation more often perhaps it would not have come to this, but many people disregard them when they see them on the sidewalk, or have many pennies in cups and bowls at home that they simply forget to use. This forced the government to make more pennies all the time, costing the government a lot of money.
Canada is not the first country to get rid of the penny, Australia has been without the penny coin for years.
Shopping Without Pennies
When a customer buys something and the total amount ends in anything other than a 0 or a 5, and they are paying by cash, you can either pay with pennies to give the exact total, or the cashier must round the total either up or down and give change back according to that total. Totals ending in a 1 or 2 are rounded down, 3 and 4 are rounded up.
If the customer pays with a credit card or debit card they pay the exact amount.
If checks are accepted they are made out in the exact amount.
If a person has a check (such as their pay check) and goes to the bank to cash it, the bank will round it off to the nearest 0 or 5, but if the person deposits the check then they are given credit for the exact amount of the check.
If the customer pays with a credit card or debit card they pay the exact amount.
If checks are accepted they are made out in the exact amount.
If a person has a check (such as their pay check) and goes to the bank to cash it, the bank will round it off to the nearest 0 or 5, but if the person deposits the check then they are given credit for the exact amount of the check.
No comments:
Post a Comment