Canada gets rid of pennyÂ
February 5, 2013
The Canadian penny will soonÂ seize to exist, as the one-cent coin will no longer be distributed to final institutions, the Royal Canadian Mint said on Monday, according to The Associated Press.Â
Just last year, the CanadianÂ Finance Minister Jim Flaherty said that he believed the penny was just a nuisance and no longer served a purpose. In fact, it was costing the government more to produce it than it was actually worth.Â
"There's nothing a penny will buy any more, not a gum ball or small piece of candy," OppositionÂ New Democrat member of Parliament Pat Martin told the news source. "Note the penny is a nuisance. It costs too much to make. They clutter our change purse and they don't circulate... They build up in piles in old cookie jars under our beds and in our desk drawers. You can't give them away. They cost more than what they're worth. It's time to put them all out to pasture, put them out to the curb. No, the penny is useless, but there is one thing I'd say, I hope they don't start treating old MPs this way."
According to CBC News, each penny that was made last year was costing the government 1.6 cents to produce. The government now expects that they will be able to save $11 million a Â year. Canadians noticed the difference at certain retailers. For instance, Tim Hortons' rounded up, whereas other places rounded down. Either way, it was a popular topic of discussion as Canadians made their way to work or class on Monday morning.Â