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Thread: Canada To Do Away With Penny

  1. #1
    Join Date
    Jul 2011
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    Default Canada To Do Away With Penny

    http://www.foxnews.com/world/2012/03...ation-in-2012/

    Canada will withdraw the penny from circulation this year because it costs more to produce than its face value, the government announced Thursday.

    "Pennies take up too much space on our dressers at home. They take up far too much time for small businesses trying to grow and create jobs. It costs taxpayers a penny-and-a-half every time we make one," Finance Minister Jim Flaherty told AFP.

    "We will, therefore, stop making them."

    The Royal Canadian Mint will cease distribution of pennies in late 2012, AFP reports.

    The penny reportedly retained only a 20th of its original purchasing power, Reuters reports. The Canadian government will save around $11 million a year by withdrawing the one-cent coins from circulation.

    "Financial institutions face increasing costs for handling, storing and transporting pennies. Over time, the penny's burden to the economy has grown relative to its value as a means of payment," the government said in a budget document cited by Reuters.

    The penny can continue to be used in payments, but as they are gradually removed from circulation, prices for cash will be rounded up or down to the closest five cents, Reuters reports.


    Well, how long until all coin money is done away with? How long until paper money?
    Ephesians 3:17-18
    That Christ may dwell in your hearts by faith; that ye, being rooted and grounded in love, may be able to comprehend with all saints what is the breadth, and length, and depth, and height;

    "It is by faith alone we are saved, but not by faith which is alone."

  2. #2
    Join Date
    Oct 2007
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    Default

    Hopefully the U.S. will follow Canada's lead since a U.S. penny isn't worth anything anymore.
    Tall Timbers

  3. #3
    Join Date
    Apr 2009
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    Default

    I've always hoped that the penny would "survive" in the USA.

    But, lately, I've stopped accepting pennies (if that's my change),
    but that's because I'm a germaphobe .
    Fasten your seatbelts, it's going to be a bumpy flight!

  4. #4
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    I agree with TT. Whenever I am getting change that includes pennies I tell the clerk to keep them or I put them in the penny container (if there is one) for others to use. The penny is worth the least but weighs the most.
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