Bring back the penny before our economy collapses!

I have been noticing something interesting and a little disturbing since the loss of the penny (RIP dear penny).  Since it’s untimely (or poorly timed by the government) death, things have changed around here.  There seem to be four ways that a business owner can deal with the loss of the penny. They are as follows:
1) Roundup to the nearest 5 cents. 
2) Round down to the nearest 5 cents
3) Keep your prices as is and give back change rounded up to the nearest 5 cents
4) Keep your prices as is and give back change rounded down to the nearest 5 cents
 
#1 makes you look greedy and customers WILL complain
#2 makes customers happy but you lose money
#3 makes the customer happy but again, you lose money
#4 makes the customer grumpy because they didn’t get back their full change.
 
The only one of these that makes any money, is #1 and #4.  #1 you can probably get away with for a little while before your customers lose their loyalty and look elsewhere for their buying needs.
#4 is just crooked and you will lose your customers immediately and maybe even get sued, unless it was the price of say, a chocolate bar or can of coke.
 

The whole thing makes me think that we should have been very careful before just chucking the poor, hapless penny.  So much of our economy depends on it.  How many times have you looked at a sale for $1 and taken the one next to it, that may even be less quality, just because it’s 99 cents?  See what I mean?  This would seem to have not been the wisest decision Canada’s government ever made.  I’d like to know the rationale behind this decision.  And I’m not angry…just confused.  And maybe a little worried about the long term effects that loss of our precious penny.

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About Author Amy McGuire

Author of The Heart's Discovery, a YA Romance novel set mostly in British Columbia with a brief foray into Quito, Ecuador. Also the mother of a bubbly second grade redhead who adores turquoise, and wife to a very patient man. She lives in Toronto, the inspiration for so many of her place names and characters.
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2 Responses to Bring back the penny before our economy collapses!

  1. It cost the goverment 2 and a half cents to make one penny, it is not economically sound for the goverment to make them. The rounding up and rou nding down is suppose to work like this for example if the price is .41 or .42 the store is suppose to round down to .40 if the price is .43 .44 the store is suppose to round up to .45. However if you use a debit or credit card then the purchase is suppose to stay the price as is for example a puchase of 18.73 if you use your debit card then you pay 18.73. Here is the kicker…..if you use your debit card at some stores you are charged a fee, if you use your debit card too many times in one month your bank charges you a fee and if you use your credit card then you are charged interest. It is a no win situation but it is our new reality the goverment is not going to continue to produce a coin that cost more to make then it is worth. Just a penny for your thoughts or how about a nickle 🙂

    • shesanauthor says:

      Thanks for the information, Nicole. This was more just a rant on how things seem to be since the penny disappeared. You have shared some great information with my readers on the penny, that even I didn’t know. Thank you! As for that nickle…when do I get it? ;P

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