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Canada Eliminates Penny Costing Penny-And-A-Half To Make

Friday, March 30, 2012 - 4:38 PM
Canada will withdraw the penny from circulation this year, saving taxpayers about C$11 million ($11 million) annually and forcing retailers to round prices to the nearest nickel, the government announced in its budgettoday.

http://www.bloomberg.com/news/2012-03-29/canada-eliminates-penny-that-costs-penny-and-a-half-to-make.html

It would be nice if we decided to follow the example of Canada and eliminate our penny.
3
ShorebreakShorebreak2,675 posts since
Apr 6, 2010
Rep Points: 14,527
1. Saturday, March 31, 2012 - 8:28 AM
It might be more helpful if our country refrained from fractional reserve lending, a devalued currency, and held to reasonable budgets. The penny issue is a symptom, not the problem. An earlier hint was the diminishing of copper in the penny... Just like the removal of silver in the quarter. After the penny is abolished, what will have really changed?
1
MikeMike327 posts since
Feb 22, 2010
Rep Points: 876
2. Saturday, March 31, 2012 - 12:49 PM
After the penny is abolished, what will have really changed?

US penny production costs 2.41 cents for a $60.2 M annual loss.  The government burns $7,264,020/min so we'd gain 8 min 17 sec - a change we all can believe in ;)
1
CraigPDCraigPD94 posts since
Jun 12, 2010
Rep Points: 336
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