Keeping the penny is cents-less, the Senate finance committee decided yesterday.
The committee is recommending the federal government remove the coin from circulation and introduce guidelines on how purchases should be rounded.
“It’s going to simplify things,” said Mark Startup, president and CEO of Shelfspace (formerly Retail B.C.) in reference to a penniless world. “It will probably decrease the amount of transaction time at a retailer point of sale.”
However, Jason McCann, owner of Vancouver’s penny-candy-selling shop Candy Aisle, said giving penny the boot would not make a difference for businesses.
Because the value of the copper coin has fallen below its cost of production — each penny costs 1.5 cents to make — McCann believes eliminating the penny would be more beneficial to government than to business owners.
“It simplifies and cuts out transactions — how exactly?” McCann asked. “If I need to make change for your purchase, I need to go through the same number of steps, regardless of the amount being given back.”
