External Blog : Goodbye Pennies
A little more than half a year ago, the Conservative Party of Canada officially announced the discontinuation of the pennies. This was done because of the fact that the Canadian government is losing more than producing money than earning. Through the external blog post, Pennies be Gone, the blogger agreed with the decision to remove pennies from circulating in Canada. He stated that he would have to spend two dollars to purchase wrappers to insert his extra pennies in order to deposit it in the bank. However, he stated that it costs 200 pennies to purchase those wrappers, a cost that should be unnecessary.
However, with an elimination of pennies creates a problem for consumers and retailers. The new law states that it is necessary to round up or round down to the nearest 5 cents increment. In my opinion, this poses a problem for consumers because consumers may have to pay more when purchasing a product. For example, if the total adds up to $1.13, the consumer will have to pay an extra two cents when rounding up to $1.15. Overtime, the consumer will pay an great amount of extra change for the rounding. Moreover, this poses a problem for retailers, because it will affect cashier balancing for business. If retailers have to round down purchases, they may be short more than $2 at the end of a day of business because of the extra rounding down. Overall, in my opinion, this discontinuation of pennies will create problems in the short term that consumers and retailers will have to try to overcome.
Reference : http://markosun.wordpress.com/2012/03/29/pennies-be-gone/