In 2012, Canada’s Economic Action Plan included a clean-up of its currency production, specifically, phasing out the penny. Why go after the noble penny, we all wondered? Well, it turns out that by stopping its production, taxpayers were going to save $11 million dollars a year!
So, in February 2013, The Royal Canadian Mint stopped making pennies. And just like that, Canadians tossed their penny collections to the curb…literally. Whether it was lack of PR or a misunderstanding, many of us think that pennies are useless now but contrary to popular belief, they’re not! Read on to find out how you can clean up your piggy banks.
Sitting on a Gold Mine
You may not like what you’re about to learn: pennies are still legal tender. That means you can still use them at stores, and you can still deposit them at the bank. If you’re lucky enough to have simply dumped your penny collections and penny-filled piggy banks into plastic bags, and forgotten about them, this is your very lucky day! Roll up your sleeves and go fishing for pennies under the sofa, in the dark corners of the basement, and in long-forgotten swear jars.
A Penny Saved is a Penny Earned
We can just imagine your joy as you begin to gather all your abandoned penny stashes. You’ll need to get coin rollers from the bank or stationery store, and roll up your pennies, fifty per roll, and then you can get cash for them from your bank. Some banks have machine coin counters in their lobbies, but keep in mind that some of those coin counters charge a service fee.
Money Sometimes Grows on Trees
If your bank doesn’t have an automatic coin counter, there’s a private company called Coinstar which has many of its machines in grocery stores. If you need cash back for your coins, you will pay an 11.9% service fee. On the flip side, you can choose an e-gift card and you won’t be charged a fee! More info here.
PRO TIP: Sounds too good to be true, right? Most people we talk to don’t believe our the-penny-is-alive story! Click here so you can verify all the facts we’ve shared.
If you’re ready to go on a long-lost penny hunt in your home but notice you could also use some deep cleaning assistance in the process, don’t hesitate to contact a MOLLY MAID near you!
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