Canada Has Eliminated the Penny
Even stacked together in a jar, all those pennies you have are fairly worthless. However, they may soon become collectors’ items.
Canada, our neighbor to the North, has just eliminated the penny in their latest federal budget, following the example of nations like Australia and New Zealand. The Canadian national mint will stop producing the one-cent coin over the next six months, and businesses have been asked to return pennies to be melted down.
We thought it was a joke too, but apparently the Great White North is serious:
“Pennies take up too much space on our dressers at home,” Finance Minister Jim Flaherty said in announcing the federal budget. “They take up far too much time for small businesses trying to grow and create jobs.”
Not to mention they cost more than a cent to make, and the move will save Canada 11 million dollars a year.
With pennies no longer part of the equation, vendors will simply round to the nearest five or zero on the bill’s total.
And, from now on, Canada will be a place where thoughts cost a nickel. Watch Canadians react to the news that their government has rendered them “penniless” in the local news report below.