Farewell to the Canadian Penny
The Canadian government must be reading this site. The last post was about getting rid of the penny, and now they’ve gone and done it.
According to Wikipedia, “there have been repeated talks about getting rid of the penny as it is estimated that it costs the Royal Canadian Mint 1.8¢ to produce a 1¢ coin, even though the Royal Canadian Mint claims it costs only 0.8¢ to produce a penny.”
The 2012 Canadian federal budget was released today and it’s doing away with the coin for an estimated annual savings of $11 million. For all the folks living in northern states, you may stop getting the little buggers in your change now.
The question is, will Canadians see this as a chance to hoarding the coin, or do they even care?