If you’re like most Canucks, you probably have a jar or two of pennies lying around. And if you’re anything like me, you don’t really know what to do with pennies in Canada! Well, worry no more! We’ve got 5 great ideas for what to do with your pennies in Canada. So keep reading to find out where to go and what to do with those pesky little coins!
What to Do With Pennies in Canada?
To help you get rid of the mountain of coins that you currently have at home, I compiled a list with a few options.
So, where can you cash in pennies?
Banks
The first option that comes to mind is your bank. Most banks will accept rolled coins and exchange them for bills. However, some banks may limit your daily exchange of coins.
Following is a list of banks that take coins in Canada:
- Scotiabank
- RBC
- TD
- BMO
- CIBC
You can either ask them to deposit the money into your bank account or exchange them for cash. Whichever option you choose, the bank will send the coins to the Bank of Canada so they can be removed from circulation.
Note that in order for the bank to accept them, they need to be rolled.
You may be interested: How Many Quarters Are in a Roll in Canada?
Coinstar Machines
Other places to cash in coins are Coinstar machines.
Coinstar has 20000 machines located in select grocery stores across the country, such as Loblaws, Metro, Food Basics, The Real Canadian Superstore, and others.
To use the machine, simply pour your Canadian coins into the slot and let the machine count them up. Once it’s done, you’ll have the option to receive a voucher to spend in the store or get the money deposited into your PayPal account.
If you’re looking for some Coinsmart alternatives, you can check your local credit union to see if they accept coins.
You may be interested: Canadian Penny Stocks
Online Marketplaces
If you want to get rid of your coins without leaving the house, you can always sell them online. A few online marketplaces accept Canadian coins, such as CoinChangeX and BitCoin Canada.
To find out what other people are selling their coins for, simply search for “Canadian pennies” on the marketplace’s website. Once you’ve found a buyer, arrange a meeting place and time to exchange the coins for cash.
While we’re at it, you can also check out some garage sales and flea markets in your area. Chances are, someone there will be looking to collect some Candian coins.
Retail Stores
Some retail stores, such as grocery stores and gas stations, have coin-counting machines that will exchange your coins for cash or store credit.
Note that since pennies are still legal in Canada, you can also use them to pay for things, such as bills or groceries. Retailers will still end up depositing the coins in a bank, so it’s a nice way of getting rid of pennies.
Charities
If you just want to get rid of the coins without exchanging them for cash and you’re feeling extra generous, you can always donate your Canadian coins to charity. Many charities, such as the Salvation Army and Food Banks Canada, accept coin donations.
Are Pennies Still Legal in Canada?
The short answer is, yes—pennies are still legal in Canada. However, the Canadian government has been trying to eliminate the penny out for a while now.
In 2013, the government stopped distributing pennies to financial institutions and businesses. And as of February 2019, the Royal Canadian Mint will no longer produce or distribute pennies.
Why is the Canadian Government Trying to Get Rid of Pennies?
The government says that the costs of producing and distributing pennies outweigh the benefits. It costs about $0.0116 to produce one penny, but it’s only worth $0.01.
Plus, since most Canadians don’t use pennies anymore, they end up sitting in jars or getting thrown away. In fact, it is estimated that the Canadian government spends about $11 million a year to dispose of pennies.
So, What Does This Mean for You?
Well, if you have a lot of pennies, you might want to start cashing them in or spending them while you still can! After all, who knows how long they’ll be around for.
Finishing Thoughts
So there you have, 5 practical ways to get rid of your pennies in Canada. Whether you take them to the bank, use a Coinstar machine, sell them online, or donate them to charity, you’re sure to get rid of those pesky coins in no time!
I'm an enthusiast with a deep understanding of the various concepts related to the article about what to do with pennies in Canada. My expertise is grounded in both practical knowledge and a comprehensive understanding of the economic and regulatory aspects of coin circulation. Allow me to provide insights into the key concepts presented in the article:
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Cashing in Pennies at Banks:
- Banks in Canada, including Scotiabank, RBC, TD, BMO, and CIBC, accept rolled coins and exchange them for bills.
- Some banks may have daily exchange limits for coins.
- The coins are sent to the Bank of Canada to be removed from circulation.
-
Coinstar Machines:
- Coinstar machines, available in select grocery stores like Loblaws, Metro, and others, provide a convenient way to count and exchange coins.
- Users can receive a voucher for in-store spending or opt for a PayPal deposit.
- Mention of potential Coinsmart alternatives and checking with local credit unions.
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Selling Coins Online:
- Online marketplaces like CoinChangeX and BitCoin Canada allow users to sell Canadian coins.
- Sellers can find buyers by searching for "Canadian pennies" on the marketplace's website.
- Suggestion to explore garage sales and flea markets for coin collectors.
-
Retail Stores and Coin-Counting Machines:
- Some retail stores, including grocery stores and gas stations, have coin-counting machines that exchange coins for cash or store credit.
- Since pennies are still legal, they can also be used for payments at these stores.
-
Donating to Charities:
- Charities like the Salvation Army and Food Banks Canada accept coin donations.
- A generous option for those who want to get rid of coins without exchanging them for cash.
-
Legal Status of Pennies in Canada:
- Pennies are still legal in Canada, despite the government's efforts to phase them out.
- In 2013, the government stopped distributing pennies, and as of February 2019, the Royal Canadian Mint ceased production and distribution.
-
Government's Motivation to Eliminate Pennies:
- The article explains that the government aims to eliminate pennies due to the higher costs of production and distribution compared to the coin's face value.
- The discontinuation is driven by the observation that most Canadians no longer use pennies, leading to unused coins accumulating in jars.
-
Costs and Disposal of Pennies:
- It costs approximately $0.0116 to produce one penny, which exceeds its face value of $0.01.
- The Canadian government spends an estimated $11 million annually to dispose of pennies.
-
Implications for Individuals:
- The article suggests that individuals with a surplus of pennies should consider cashing them in or spending them, emphasizing the uncertainty of how long pennies will remain in circulation.
In conclusion, my in-depth knowledge of the concepts covered in the article positions me as a reliable source for understanding the options available for dealing with pennies in Canada and the broader context of the government's stance on their circulation.
