Canada plans to remove the penny from circulation this year in an effort to save about $11 million, according to Bloomberg. Production and handling costs for the coin, which costs 1.6 cents to make, are a drag on the economy. Retailers will have to round prices to the nearest nickel. "Pennies take up too much space on our dressers at home," Finance Minister Jim Flaherty said. Earlier this week U.S. Treasury Secretary Timothy Geithner said the agency is proposing a change to the materials used to make pennies and nickels here. Maybe we should follow Canada's lead, since it costs us 2.4 cents to make each penny.
Grandmothers across Canada will no longer be able to hold up lines while paying in pennies.
29 Mar 2012 19:53:00 GMT
It's about time we got rid of pennies. I never really liked them. http://t.co/6x9GecxC
29 Mar 2012 20:02:25 GMT