March 30th, 2012
01:07 AM ET

Canada getting rid of the penny to save costs

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.

FULL STORY

Filed under: Economy • World
soundoff (13 Responses)
  1. Superman

    The canadians are no longer making cents, but our government is? Man something is bass ackwards.

    March 30, 2012 at 1:33 am | Report abuse |
    • Michael

      Umm.. why? You think we are that much better than them? Open your eyes and look at American with an unbiased view... we are really messed up and falling apart fast. We cant fix out country unless we admit we need fixin.

      March 30, 2012 at 11:27 am | Report abuse |
  2. raven

    Our government hasn't made "cents" in quite some time.

    March 30, 2012 at 2:08 am | Report abuse |
  3. RUFFNUTT (( 1/2 5th level magic-using kender ,1/4 illusionist ,1/4 warrior ))

    just use the ones they have now... ... where do they all go anyways?

    March 30, 2012 at 8:43 am | Report abuse |
  4. BOMBO ©

    Did I say something bad?

    March 30, 2012 at 10:46 am | Report abuse |
  5. BOMBO ©

    I don't keep pennies anyway. They are glorified pocket lint.

    March 30, 2012 at 10:47 am | Report abuse |
  6. raven

    Lol BOMBO, I started a vacation jar about six years ago. Used to have lots of quarters and dimes. Now it weighs a gazillion pounds and the only thing in it is pennies.

    March 30, 2012 at 12:50 pm | Report abuse |
  7. RUFFNUTT (( 1/2 5th level magic-using kender ,1/4 illusionist ,1/4 warrior ))

    @raven... what we should do... is ... since the govenment pays 1.6cents to make a penny is have a national penny buy back day...
    .
    and they buy the pennies back at 1.3cents...... it's a win win situation..

    March 30, 2012 at 2:17 pm | Report abuse |
  8. BOMBO ©

    I dump most of my small coins into the basket at church with my regular contribution. So the Pope has my Canadian pennies. I hope he's enjoying them.

    March 30, 2012 at 2:19 pm | Report abuse |
    • Militaryman

      He's probably using them to hire lawyers to protect the pedophiles with collars!

      April 17, 2012 at 2:25 pm | Report abuse |
  9. raven

    @ruffie: great idea! I need a hoist just to get mine out the front door.I have a few jars, actually.The two heaviest are 1) a big old glass brick I thought would make a cool bank.2) one of those industrial sized mayo jars that I don't even remember how I got. I literally can't even lift them. Not one of my genius moments.

    March 30, 2012 at 2:29 pm | Report abuse |
  10. Superman

    I use my pennys for skeet shooting,,,, they are the pigeons

    March 31, 2012 at 5:11 pm | Report abuse |
  11. Greek American

    I think its a smart idea. Get rid of our pennies now already!

    March 31, 2012 at 10:56 pm | Report abuse |
« Back to main