I read in the news that The Royal Canadian Mint will stop circulating pennies as of Feb. 4, 2013 but the one-cent coins “will retain its value indefinitely.” The government said that the production cost is a lot higher than the value of the coin so stopping the production would save a lot of tax payers' money. I guess the coin would still be in circulation and will retain its value. However, if in the future there will be a shortage of pennies, would they be rounding off prices to make transactions a bit more convenient? For example, would a meal that should cost $7.23 would be rounded off to $7.25?
Posted by Luigi at 10:04 PM