Canadians on a penny roll
What do you plan on doing with all your hard-earned pennies during the great Canadian penny phase out?
It seems like my change purse -- which was usually overflowing with pennies -- is becoming void of one-cent pieces.
I seem to be taking out my debit card a little more than usual -- especially if the store is rounding up and I will be short-changed so to speak.
Nearly half of those polled in the survey plan on cashing in their copper-toned coins at the bank; while 22 per cent expect to spend their pennies until they are gone; another 22 per cent plan on building a coin collection for sentimental reasons; while the rest will keep stashing them away in a jar at home or donate them to charity.
Paul Dilda, Head of North American Branch Channel, BMO Bank of Montreal, says, "Canadians put into practice a number of ways to save money, and it seems many still haven't grown tired of collecting and storing loose change.
"However, rather than keeping spare change in a jar to collect dust, consider putting your pennies to use, either by donating them or storing their value in a high-interest savings account."
At this bank alone, $810,000 worth of the estimated 30 billion pennies currently out there have been counted through their coin machines across Canada since the March 2012 phase out began.
With all those pennies still in circulation, you can count on the fact that we likely haven't seen the last of those little guys yet.
By Donna Donaldson, MSN Money
What do you plan on doing with your pennies?
Posted by: Donman | Mar 13, 2022 3:38:58 PM
Consider putting your pennies in a High interest savings account? Are you full of it!!!! While we,re at it, why don,t we put our money into an RRSP at the 8% AVERAGE rate of return the bank reps like to use as the rate of return on your investment (when was the last time you heard that from an investment rep)? I,ve been listening to this crap for over 25 years now - remember FREEDOM 55? I swear you jokers all have the same script that TOTALLY ignores the facts!!! Just remember that when you die (if you even live to see retirement at all) the gov,t and the financial institutions are there to steal as much of that money you have squirreled away (not to mention retirement homes and other institutions as well)!!!! Just keep looking on the bright side while you,re blowing smoke up my ass (and giving us completely usless drivel that is supposed to pass for advice)!!!!
Posted by: DH | Mar 13, 2022 8:23:42 PM
melt them down and sell for salvage.
Posted by: Jayvan | Mar 14, 2022 2:02:31 AM
This article is such a load of crap, consider putting them in a high interest savings account?
You just finished saying that the average person has $10.22 worth of pennies how much interest are you going to make off that as an individual?
pretty much nothing but if your a bank and you have 500,000 sheep come in on the advice of a yes man writer who does no actual thought and just prints a generic piece of advertisement (oh and here's your "bonus" of $500 thank you) you end up with over $5,000,000 being deposited, now that seems like a real reason this article was written.
You want real value for your pennies?
Go through them and do some research and find out which ones are worth money for collectors value.
I have found 3 pennies in my one collection one worth $32, another worth $19 and a third worth $128.
I know this is not going to be average but I would be willing to bet money you have at least a couple dollars worth of valuable coins in that jar.
Posted by: Bill | Mar 14, 2022 3:04:29 PM
A couple of dollars worth of pennies?! Sorry, do not care even if I might have a penny worth $100 (which I would consider rare, if not unbelievable). I never keep any, just leave them in the donation box or on the counter at stores. Not worth my effort. My hourly pay is worth more than any rare penny that I might have.
Posted by: John | Mar 14, 2022 10:27:03 PM
People griping about stores rounding up! What kind of small-minded person would fret over paying $1.05 for something that costs $1.03?
Posted by: Ray | Mar 15, 2022 1:18:04 AM
I'd like to find a high interest savings account. My mortgage started at 21% and now they are giving them away. All I ever hear is the negative "rounding up". I have found that they round down just as often, so what you loose on the corners you make up on the straight aways.
Posted by: Eats too much junkfood | Mar 16, 2022 4:40:22 AM
The McDonalds over here in Canada actually doesn't round down, it just rounds up if you go a penny over .... Had to be McDonalds huh
Posted by: G. Smith | Mar 17, 2022 5:00:57 PM
My Mother started saving them for her first Great Grandchild, my Granddaughter, and I continued to save them for her after my Mother passed away. They were recently given to her for her Grade 8 graduation. I will not disclose the amount, but she is quite a happy young lady.
Posted by: Claude | Mar 17, 2022 6:51:51 PM
Thanks for taking away 5 minutes of my life. Bank your pennies and collect 1/2 %. Im running to the bank.