Here at Muskoka Futures we know the value of a dollar and the poor little penny.

On March 31 Pat Martin, MP for Winnipeg Centre, introduced a private member’s bill to abolish the penny. Since then there has been input and debate over this little fellow and now it is my turn to weigh in on this issue.

Having worked in retail for many years, I know the poor penny can be a bane of existence for many. They accumulate overnight (like hangers and plastic bags) and swell to a huge number in the harsh morning light. Most male shoppers abhor getting this shiny one.

Some of the more seasoned shoppers recognize the benefit of offloading one or two of these guys to upgrade to the next increment of five and more often than not, most shoppers won’t even stop to pick it up.

The poor penny.  

But what would happen without it? Would you be willing to pay a dime for someone’s thoughts?  Would the nickel be as lucky to some? Would we have quarter loafers??

How would the competitive retail barons strive to under-sell each other? Is it possible to dream of $1.97 items on sale for $1.95?  

Why does this diminutive currency get such a bad rap? I have always thought that pennies, while sometimes dirty and often overlooked, add a unique and different element to our coin purses. In a sea of silver this copper gem stands out. Maybe that’s why the hate is on!

As we gear up for another busy summer retail season, let’s look into the history of the penny, for I am sure we won’t be seeing “have a nickel, take a nickel” pots on counters.

The term “penny” was readily adopted by Canadians as the previous coinage in Canada, well at least until 1858, was British where pounds and pence were used.

The first penny was struck in 1858 and had a diameter larger than the quarter. Although patterned after the British half penny they were widely disliked. Several provinces issued their own “pennies” until confederation, when the currency was standardized.

In 1920 the high price of copper forced the mammoth-sized penny down to its current size. In fact, did you know, that between the years of 1982 and 1996, the penny was twelve-sided? This was to make it easier for the visually impaired to identify the coin. Now I am not sure why such a small window of opportunity... but obviously it just didn’t work.  

Also according to recent studies only a small margin of the population actually use pennies, but the Royal Canadian Mint continues to spend 0.8 cents to make the penny and around $130 million to keep it in circulation.

While all of this is interesting, what does it has to do with my business? Well, I could tie this in several ways, but let’s go with the words of wisdom.

Even the long-term institutions of business sometimes get the boot. Make sure that the decisions you make are vital to the success of your business. Watch your pennies and plan accordingly for long-term success. Really focus in on the value of your products, services and how you can connect with your customers to make a long-lasting impression.

The mighty penny may be a nuisance sometimes and may get lost in the shuffle, but it continues to prevail and hold its own even 150 years after its birth.

Don’t forget that Muskoka Futures is here to help you achieve your own sustainable business dream.  

If you have a great idea and need a little advice, or have a successful business that you want to expand, we are your source. Stop by the office at 111 Manitoba Street in Bracebridge or give us a call at 646-9511 to see how we can help you out. Plus, don’t forget if your bank has turned you down, we offer business financing options with flexible payment terms to fit all budgets.