A penny for your thoughts about the penny.? You know what they say, "A penny saved is a penny earned".?
That's a very old expression that, sad to say, probably has zero relevance today.? Penny candy and penny matches have gone bye-bye.? Pennies are good for only one thing.....no, make that two things.? One is for making change because many items are priced to the penny rather than to the nickel or dime.? The other, which ties in to the first reason, is that those items are quite often priced at, for example, $14.99 because it sounds less than $15.00 even though it's only one little penny.? It's the same principle as house prices.? $299,900 SOUNDS quite a bit cheaper than $300,000 even though it's just a measly hundred bucks.? It's an ages-old simplistic marketing trick that still works.? You know what they say, "Penny wise and pound foolish".? That's an old English phrase dating back to the early 17th century.? The penny is derived from the British coin pence.? The first one-cent coin in North America was struck in 1787 in the United States and was 100% copper.? American pennies today are made from zinc blanks punched out of sheets like cookie dough and then copper electroplated.? The Canadian penny was first minted in 1858 and was 90-some % copper with a smidgen of tin and zinc thrown in right up to 1996.? Then for some reason we used the U.S. method of zinc with a copper skin for two years.? Since 2000, our penny has been 94% steel, 1.5% nickel, and 4.5% zinc.? ?I don't know why.? I do know that the future of the Canadian penny is in doubt.? The Royal Canadian Mint recently conducted a survey to see how people felt about removing our one cent coin from circulation.? Small store owners favour the penny's demise 3 to 1 while consumers are split at 42% wanting it gone, 33% wanting it to stick around, and the remaining 25% not caring one way or the other.? I could do without pennies.? They've become a bulky nuisance and serve no worthwhile purpose in my life.? Although, retailers would be faced with a transition period of re-pricing everything.? Perhaps it would be a good time to factor in sales taxes so that the price on the sticker is exactly what we pay at the till.? THAT would be nice!