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March 30, 2012
Canada ditching the penny; is US next?
It costs the Canadians 1.6 cents to produce a penny - about what it costs the US mint. Now Canada has decided to stop minting pennies as a means to save money. CNN: Canada is ditching production of the penny, saying it costs more to make the coin than it's worth. As of this fall, the Royal Canadian Mint will cease distributing Canadian pennies, though consumers will still be able to use them for transactions. The change was included in the country's 2012 budget released Thursday. The budget calls the lowly penny a "burden to the economy." "It costs the government 1.6 cents to produce each new penny," the budget says, adding the government will save about $11 million a year with its elimination. Some Canadians, it says, consider the penny more of a nuisance than a useful coin. Some retailers say they're worried about the change. "Something that costs $7.99 looks cheaper than something that's $8," Wendy Butenschoen of Toronto's Essence of Life Organics told the CBC. Rounding...(Read Full Post)