Penny presses to fall silent on Friday
By: Staff Writer
The penny presses are about to fall silent, but not before one last hurrah.
On Friday, the Royal Canadian Mint will host a special ceremony at its Lagimodiere Boulevard facility to commemorate the end of production of the lowly penny.
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Dignitaries including Mint CEO Jim Bennett, Finance Minister Jim Flaherty, and St. Boniface MP Shelly Glover will be on hand for the 11 a.m. event, which will include speeches and a ceremonial final coin strike.
In March, the federal government announced it would stop producing the penny and slowly remove it from circulation. It costs about 1.6 cents to produce each coin.
Cash transactions will be rounded to the nearest five-cent mark, while debit and credit transactions will continue to use that final decimal spot.
…for what it’s worth in cash only sales, a 5 cents move is more than enough precision…!
…even in more needed precision calculations of tax payments or other, YOU SIMPLY ROUND TO THE CLOSEST “above always” DECIMAL FOR RESULT NUMBERS, BUT NOT FOR CALCULATIONS: .05$, or .00$, or .10$, or .15$, or .20$, etc, DECIMALS…! WAY MORE SIMPLE…!
SO IF YOUR price RESULT NUMBER IS : 8.01$ you charge : 8.05$ or decide to “loose” a bit in your total gain by 0.01$ cent !
NOT EVEN .02$ [2 CENTS} IS NEEDED …!
SO THE NEW PRICES THAT TRICK OUR MINDS ARE: 9.95$ ; 5.45$ ; but never 8.05, ETC…!