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Canada ditched its one cent coin in 2012, citing the cost of minting it and its falling purchasing power due to higher prices.

In the process, he connects the post-World War II purchasing power of the generation that would become baby boomers to the creation of an entertainment boom designed to serve and depict teens.

“While California enjoys a high GDP, it dissipates the effective purchasing power through high and increasing costs of living,” the California Center for Jobs and the Economy observed after the latest announcement.

The public’s purchasing power may not directly line Rowling’s pockets, but it has an impact nonetheless.

“Everyone’s like, ‘If I have some gold jewelry, if my grandparents or my mother or father left me something, maybe I can get some money for it since everything else is down and inflation is killing everyone’s purchasing power and consumption,’” said Alex Arakeloglu, a sales associate at Capri Jewelry in downtown Los Angeles.