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March 13, 2022

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.

Well, a recent survey by BMO Bank of Montreal has found that Canadians have an average of $10.22 in pennies on hand.

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?






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Gordon PowersGordon Powers

A long-time fund company executive, Gordon Powers now heads up the Affinity Group, a financial services consulting firm. Gordon was a personal finance columnist for the Globe & Mail for many years, has taught retirement planning...

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The modern-day MC Hammer of money, Jason can often be seen spending cash that isn’t his with the efficiency of a Wilt Chamberlain first date. After cutting his teeth as a reporter for the Toronto Sun, he joined the MSN Money team with...