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Just wondering. Now that the Canadian penny has been discontinued for a couple of years already and the government has been requesting for citizens to turn in their pennies to be melted, how hard is it for visitors to obtain these coins nowadays? I briefly visited Canada a few months back and was lucky to happen upon a kind bank teller at Scotiabank who gave me a roll of pennies for face value only. I'm worried I will not have that same luck again the next time I visit Canada. So generally speaking, is the penny disappearing quickly and will there be a day in the near future that one cannot obtain them at face value anymore?
Now that the Canadian penny has been discontinued for a couple of years already and the government has been requesting for citizens to turn in their pennies to be melted....
I was unaware that the Canadian government had been requesting Canadians to turn in their pennies. Do you have a cite for this?
Canadian money has never been demonetized, and neither is the Canadian penny. It will remain legal tender--although, nowadays, the penny is a little unusual in everyday cash transactions.
In daily practice here in Canada, the penny is all but gone. In cash transactions ( which few Canadians do any more, due to debit cards ) the price of any item is either rounded up to the nearest five cent point, or rounded down to the nearest five cent point. Example...a item that sells for $ 4.29 would be rounded to $4.30. A item that is priced at $5 .32, would be rounded down to $5.30. No need for one cent coins.
Debit or credit card sales are to the exact price, with no rounding up or down.
Can I withdraw pennies from my bank?
It is unlikely, but you should check with your bank. Financial institutions have not been receiving pennies from the Royal Canadian Mint since February 4, 2013, so they may no longer have pennies to distribute to customers.
I was unaware that the Canadian government had been requesting Canadians to turn in their pennies. Do you have a cite for this?
Canadian money has never been demonetized, and neither is the Canadian penny. It will remain legal tender--although, nowadays, the penny is a little unusual in everyday cash transactions.
The scariest bit is the part about the Canadian Mint selling rolls of pennies for $9.95 each ! I sure wouldn't want to pay that much for a roll of pennies albeit discontinued pennies. Mind you, these are probably shiny untouched pennies unlike the roll the bank teller gave me but still.
I would think that the penny, even though it doesn't exist in hard cash anymore, still has to be accepted if you have them. If you pay something on debit or credit, I believe the price isn't rounded up or down to the nearest amount divisible by 5 (the new most worthless coin) to accommodate its absence, so probably they will continue to be 'bought' for face value. Either way, don't worry, people still hate the penny and will for a long time to come. It's not going to be worth a lot on historic principles anytime soon.
In daily practice here in Canada, the penny is all but gone. In cash transactions ( which few Canadians do any more, due to debit cards ) the price of any item is either rounded up to the nearest five cent point, or rounded down to the nearest five cent point. Example...a item that sells for $ 4.29 would be rounded to $4.30. A item that is priced at $5 .32, would be rounded down to $5.30. No need for one cent coins.
Debit or credit card sales are to the exact price, with no rounding up or down.
Jim B.
I am aware of that, having first read about it somewhere in the newspaper a couple of years ago and then actually experiencing it on my recent trip. Sure enough, cash transactions everywhere are rounded up or down and when asking for change at Tim Horton's or any local establishment, nickels, dimes, and quarters are given back but no pennies. Well, I am actually very happy for Canada to go this route as it actually makes quite a lot of sense. I just hope it doesn't quickly get to the point that coin collectors have to pay a fortune on Ebay or somewhere just to grab hold of a few of those ones ubiquitous coins and when I mean quickly I mean within the next five years.
I am aware of that, having first read about it somewhere in the newspaper a couple of years ago and then actually experiencing it on my recent trip. Sure enough, cash transactions everywhere are rounded up or down and when asking for change at Tim Horton's or any local establishment, nickels, dimes, and quarters are given back but no pennies. Well, I am actually very happy for Canada to go this route as it actually makes quite a lot of sense. I just hope it doesn't quickly get to the point that coin collectors have to pay a fortune on Ebay or somewhere just to grab hold of a few of those ones ubiquitous coins and when I mean quickly I mean within the next five years.
Well, if they reach the fortune stage, let me know. I have a box of rolled up pennies in the basement that I never got around to taking to the bank.
What about the expressions "just my two cents", or "penny for your thoughts"... suppose those will have to change, or probably go completely out of usage as well?
Speaking of currency, an old "toony" from my dad's collection that I inherited:
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! I sure wouldn't want to pay that much for a roll of pennies albeit discontinued pennies. Mind you, these are probably shiny untouched pennies unlike the roll the bank teller gave me but still.
