What to do with pennies in Canada 2019 is a question that has garnered significant attention in recent years, especially after the Royal Canadian Mint stopped producing pennies in 2012.
With the gradual removal of pennies from circulation, many Canadians are left wondering what to do with the remaining coins. While pennies are no longer being produced, they still hold value and can be utilized in various ways. In this article, we will explore the different options available for Canadians to maximize the value of their pennies.
Donating to Charity
Donating to charity is one of the most rewarding ways to utilize pennies. Many organizations accept penny donations, which can be used to support various causes. For instance, the Canadian Cancer Society and the Heart and Stroke Foundation both accept penny donations. Donating pennies can help make a significant impact, as the small change can add up over time. Furthermore, donating to charity can provide tax benefits, as you can claim a charitable donation receipt for the value of your penny donation.
- Contact local charities to inquire about their penny donation policies.
- Consider combining penny donations with other donations to maximize the impact.
- Keep receipts for tax purposes.
Recycling
Pennies can also be recycled, providing an opportunity to earn some extra cash. In Canada, many metal recycling centers accept pennies, which are then melted down and sold as copper. The Royal Canadian Mint also accepts penny donations, which are then melted down and used to produce new coins. While the value of recycled pennies may be low, it can still add up over time and provide a small source of income.
- Find local metal recycling centers that accept pennies.
- Sort and count pennies before recycling to maximize the value.
- Consider combining penny recycling with other metal recycling to increase the value.
Saving for Children or Grandchildren
For parents and grandparents, saving pennies can be a fun and educational way to teach children about the value of money. By saving pennies in a jar or piggy bank, children can learn the concept of saving and the value of hard work. As the pennies accumulate, children can watch their savings grow and develop a sense of pride and accomplishment. This method can also be used to save for specific goals, such as a new bike or a college fund.
- Start a penny jar or piggy bank for each child.
- Encourage children to add to the jar regularly.
- Consider setting up a formal savings plan or account for long-term goals.
Leaving a Legacy
Another option for Canadians is to leave a legacy of pennies for future generations. By saving pennies in a jar or container, individuals can create a unique and memorable legacy that can be passed down to children or grandchildren. This method can also be used to create a sense of community, as individuals can share their penny legacy with neighbors, friends, or family members. By leaving a penny legacy, Canadians can create a lasting impact and provide a unique opportunity for future generations to learn about the value of money.
- Start a penny jar or container as a family heirloom.
- Encourage family members to add to the jar regularly.
- Consider displaying the penny jar in a prominent location as a conversation starter.
Comparison of Penny Value and Earning Potential
| Penny Value (per penny) | Annual Earning Potential (based on 1,000 pennies) | |
|---|---|---|
| Donating to Charity | $0.01 | $10 |
| Recycling | $0.015-$0.020 | $15-$20 |
| Saving for Children or Grandchildren | $0.01 | $10 |
| Leaving a Legacy | $0.01 | $10 |
