“Electricity can be
dangerous: My nephew tried to stick a penny
into a plug. Whoever said a penny
doesn't go far didn't see him shoot across that floor. I told him he was
grounded.”
Tim Allen
Tim Allen
Apparently it was NDP MP Pat Martin’s campaign – scrap the
penny; it’s nothing but a nuisance! Pundits are saying it was a great gift to
Finance Minister Jim Flaherty, offering a neat diversion from less palatable
items in the budget. An article I read equated the demise of the penny with the
beginning of the end for the Canadian economic system.
A friend writes on Facebook
that eliminating the penny will wipe out her entire pension plan, residing as
it does in a small peanut butter jar under the bed.
I simply don’t get it. How can
you have a decimal system of currency in which the basic unit is “the cent,”
and have no physical form of that unit? I expect one will still be able to
write cheques for, say, seventy-five dollars and twenty-nine cents and when the
recipient deposits it, $75.29 will be added to that person’s bank balance. But
it will be impossible to pay in cash exactly what’s owed at the local hardware
store if the total doesn’t end in 5 or 0.
Which leads logically to the
question: why stop there? Why make the nickel the new, basic physical currency
unit? Why not the dime? or the quarter? or the looney? I guess the assumption
is that nothing can be had for a penny these days anyway (gumballs used to sell
for a penny) so why have such a tiny unit of currency? What, I ask you, does a
nickel buy?!? Merchants are advised to round off to the nearest nickel, why not
to the nearest dime, or to the nearest quarter, or to the nearest dollar, for
that matter? Psychologically, I’d propose that we no longer think of prices
below a dollar, unless we’re six years old or younger.
What is the smallest coin on
the sidewalk that can cause you to stop, stoop, pick up and pocket? Assuming
that you’re still young enough and fit enough to get down there without risking
not getting up again, and assuming no one is watching, do you bend down to pick
up a lost penny? nickel? dime? quarter? looney? Granted, this says as much
about you as it does about the value of our coins, but if you’re changing in
this regard, it’s probably economically prophetic.
What troubles me most is the
effect on our literature and, in turn, our culture in which the lowly penny is
the ubiquitous stand-in for all things monetary. Starting with Ben Franklin’s “A
penny saved is a penny earned,” it’s not hard to find a virtual plethora of
quotations referring to the penny. I guess we’ll have to teach our kids in
future what this “penny” was, and why it was so much used as a figure of
speech, a synecdoche
if your high school English still haunts you.
I guess I shouldn’t be a
curmudgeon about this; the English finally did away with that cumbersome system
of “ha’pennies and shillings and half-crowns etc. etc. with which their literature
is still replete and they survived . . .
. . . more or less.
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