Friday, April 04, 2008

Getting Rid Of The Penny?

On my way to work earlier this week, I was listening to the Murray Wood Show and they had a segment on a federal MP from Manitoba that wants to go rid of the penny. I can't remember the name of politician. But some people think it's a good idea and some people don't.

I ask you, is it a good idea to get rid of the penny in Canada? Here is how it would work, you would either round the price up or down to the nearest nickel. For example if something cost $4.97, it would then cost $5.00. Apparently retailers are in favor of getting rid of the penny.

Why can't we have something for the price of $5.34? Do we really need to round up or down to the closest nickel? What if someone doesn't have a nickel? They will then have to break a dime, quarter, or dollar just to get the change they need. With a penny, you don't have to worry about carrying the correct change all the time. There have been times that I have paid with pennies when I didn't have nickles or dimes. But from what has been said, the penny is decreasing in value except if you find a really old and or rare penny that is.

Will money in general one day be obsolete as we are using credit cards and bank cards more and more? For me, I won't use a credit card for long time if ever. I use my direct debit card or cash.

Pennies still serve a purpose regardless of who you are.

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