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
The government believes Canadians have billions of pennies stashed away.   (Shutterstock)

(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.

View 1 more image
More From Newser
My Take on This Story
To report an error on this story,
notify our editors.
Canada Phasing Out Pennies is...
Show results without voting
You Might Like
Showing 3 of 15 comments
Mar 30, 2012 8:30 AM CDT
Our government should not only do the same, but get rid of the paper dollar as well. Someone is always going to complain about it. So what? They will get used to it. This is not an issue for the people to decide. The money it saves is more beneficial than the opinion of some diehard coin or paper loyalists.
Mar 30, 2012 8:06 AM CDT
Give Obama four more years and we will be phasing out the dollar.
Mar 30, 2012 7:03 AM CDT
many stores I deal with don't give a rat's ass about the pennies, they used to would keep a pile around on the counter, now they just say don't worry about it.