Phantom penny eh?

As you have heard, Canada is getting ride of the physical penny Feb 4, 2013. Was to start this fall, but retailers said that it would only cause confusion at the holiday shopping time, so they post they moved it to Feb. How its to work is that all transactions in cash will be round up or down to the nearest $.05 except. When using debit or credit transactions thought, the penny will remain. So the 'penny' will be phantom in nature. Existing, but in the physical form.

Re: Phantom penny eh?

I guess the penny pinchers will use debit or credit then, rather than have their transaction rounded up!

Re: Phantom penny eh?

The same scam was played on us here in the UK when we went decimal back in the 70s. The retailers rubbed their hands with glee at that time.

Re: Phantom penny eh?

It sounds a good idea in principal - as I understand it, say three items costing 77 each will total 231 which will then be rounded down to 230 if you pay cash, if you use a debit card it will be 231.
I reckon it will be 'swings and roundabouts' and I believe it costs more than a penny to manufacture the penny