Quote:
Originally Posted by AnimeFan188
"The Canadian government announced on Thursday that it plans to pull the penny
from circulation at the end of 2012, saying the copper-coated currency is more
expensive for the Royal Canadian Mint to produce than its actual currency value.
"Pennies take up too much space on our dressers at home. They take up far too
much time for small businesses trying to grow and create jobs," said Finance
Minister Jim Flaherty. He also said it costs 1.5 cents to produce each penny."
See:
http://news.yahoo.com/blogs/sideshow...221558392.html
I wonder how much longer the U.S. penny will last. |
Quote:
Originally Posted by Vexx
The US has tried to do this several times in my lifetime - each time there was a sentimental outcry. It has also tried to stop printing $1 bills and just use $1 coins. Same outcry.... :P
Seriously - the sentimentalism is a bit stupid and costs a fortune just moving those damned pennies around. and the inflationary worth of a $1 is less than a quarter (25cents) of its worth a few decades ago.
Well, I hope the Canadians have better luck...
Currently the "melt price" (silver content value) of a single 1964 year quarter (25 cent piece) or earlier is about $5.80 as of today (3/29/12).
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Good for Canada. Pennies are a waste of space and money as explain by CGP Grey.