Canada Phasing Out Pennies

Coin has become a nuisance: government

By Rob Quinn,  Newser Staff

Posted Mar 29, 2012 11:31 PM CDT | Updated Mar 30, 2012 12:01 AM CDT

(Newser) – The Canadian government has decided to save millions of dollars by pinching the penny out of existence. The Royal Canadian Mint—which makes 25 pennies per Canadian every year, at a cost of 1.5 cents per coin—will stop producing pennies next month, and the government will start withdrawing pennies from circulation this fall, reports the Globe and Mail. The government estimates the move will save it $11 million per year, and save the private sector many millions more in counting and transportation costs.

"The penny is a currency without any currency," declared the country's finance minister, who described the coin as a "nuisance," and urged Canadians to get rid of hoarded coins. "Free your pennies from their prisons at home, and donate them to charity," he said. The government suggests transactions be rounded off to the nearest nickel, but it says it will leave businesses to decide for themselves how they want to handle the penny's demise.

The government believes Canadians have billions of pennies stashed away.   (Shutterstock)
The Canadian penny has a steel core and a thin coating of copper.   (Royal Canadian Mint)
« Prev« Prev | Next »Next » Slideshow
My TakeCLICK BELOW TO VOTE
2%
1%
10%
4%
82%
2%
To report an error on this story, notify our editors.

NEWS FROM OUR PARTNERS
Other Sites We Like:   The Street   |   MSN Living   |   PopSugar Tech   |   RealClear   |   24/7 Wall St.   |   Biography   |   Barstool Sports   |   OK!