The Canadian Penny ( 1858-2012 )

[jcphoenix]

Good riddance to the penny. Though I guess I'll have to gather all my pennies at home one day soon and use them all. Still will only get me about a dollar worth of something.

 

[W. K. Lis]

I went to a fast food outlet and wanted to pay with exact change. I had three pennies, but they refused to accept the pennies. I understand that the penny is still legal tender, according to this list:

Legal tender

8. (1) Subject to this section, a tender of payment of money is a legal tender if it is made

(a) in coins that are current under section 7; and

(b) in notes issued by the Bank of Canada pursuant to the Bank of Canada Act intended for circulation in Canada.​

Limitation

(2) A payment in coins referred to in subsection (1) is a legal tender for no more than the following amounts for the following denominations of coins:

(a) forty dollars if the denomination is two dollars or greater but does not exceed ten dollars;

(b) twenty-five dollars if the denomination is one dollar;

(c) ten dollars if the denomination is ten cents or greater but less than one dollar;

(d) five dollars if the denomination is five cents; and

(e) twenty-five cents if the denomination is one cent.​

Coins of denominations greater than ten dollars

(2.1) In the case of coins of a denomination greater than ten dollars, a payment referred to in subsection (1) may consist of not more than one coin, and the payment is a legal tender for no more than the value of a single coin of that denomination.

Anybody else experienced the situation where the store wouldn't take pennies?

 

[Hank]

I went to a fast food outlet and wanted to pay with exact change. I had three pennies, but they refused to accept the pennies. I understand that the penny is still legal tender, according to this list:



Anybody else experienced the situation where the store wouldn't take pennies?

I'm sure they would have taken pennies (well, they might have at least), but they wanted enough pennies for you to pay the (rounded up) bill (i.e. five of them instead of the three you were trying to pay with).

The problem is that their cash registers are now automatically rounding the bill (up or down), and that's the amount that you have to pay. You basically tried to pay two cents too little after the rounding. I have to admit that I'm not sure what statute gives them the authority to round, though. This page implies that a) they don't have to accept any coins if they don't want to, and b) that the rounding is sort of an ad-hoc guidelines-based thing (as opposed to actual legislation). Interesting.

 

[HermioneP]

canadian penny

Hi there! We are all aware that the Canadian penny has officially stopped circulating in the nation to the north. That move has rekindled a discussion domestically that has been going on for decades.


Best regards!

Hermione

 

[avmath]

Canada has produced no pennies since last year, and now it has formally stopped circulating them as well. A comparable move has been discussed in the United States for more than 20 years, but a decision still stays in limbo.

 

[W. K. Lis]

Canada has produced no pennies since last year, and now it has formally stopped circulating them as well. A comparable move has been discussed in the United States for more than 20 years, but a decision still stays in limbo.

Just like their decision on a dollar coin replacing their dollar bill. The United States still circulate a dollar bill, even though they mint a dollar coin.

 

[Johnny Au]

[video=youtube;nU4E6SSy5Yg]http://www.youtube.com/watch?v=nU4E6SSy5Yg[/video]