No Picture
Local News

Merchants ready to say goodbye to the penny

By Stephen Dafoe

Morinville – In 2012 the Government announced it would phase out the penny this year due to the rising costs of minting the coin and the fact large quantities of the coin were sitting inside jars in Canadian households instead of flowing through the country’s cash registers. Estimating an annual savings of $11 million per year, the Government set a transition date of Feb. 4 to begin ridding the country of the penny. That date was shifted from an earlier date to accommodate merchants who felt phasing out the coin over the busy Christmas season would be problematic… […]