Is it Time to Say Goodbye to the Penny? [POLL/VIDEO]
Canada has already announced they were phasing the one cent piece from their economy. Is it time for America to do away with it too?
On May 4, Canada produced it's final penny. The one cent piece will no longer be distributed to financial institutions by the Canadian Mint starting this fall and will slowly be phased out of their economy all together.
A store in Florida is making news today because it's owner has banned pennies from his store. Tired of counting thousands upon thousands of the one cent coins, the owner says, "It was just a lot of work for nothing." Unlike one of our local stores who recently ran out of pennies and was short-changing it's customers (rounding DOWN instead of UP, as if it's our fault they ran out of pennies), the store owner in Florida is rounding in the customer's favor for cash sales.
A quick google search reveals several anti-Penny groups like the Facebook Group "Citizens For Retiring the Penny".
So there's no doubt many people think it's time for the penny to go away. Count me in that group. Here's a great video explaining why the penny must go.
So, what do you think? Take the poll below and post your thoughts in the comments section!