Canada To Stop Making Pennies

New submitter butilikethecookie writes with news that the 2012 federal budget for Canada calls for the Royal Canadian Mint to stop producing pennies. "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 (PDF). Some Canadians, it says, consider the penny more of a nuisance than a useful coin. ... Rounding prices will become the norm as the penny is gradually removed from circulation, the budget says. If consumers find themselves without pennies, cash transactions should be rounded to the nearest five-cent increment 'in a fair and transparent manner,' it says. Noncash payments such as checks and credit cards will continue to be settled by the cent, however."

Comments

Re:I'll own up to it...I throw them away

[mmell]

Big mistake.

Value of one hundred pennies - $1.00

Value of one sock - $1.98

The look on the guy's face when you hit him in the head with a sock full of pennies - priceless

My two cents on this..

[Anonymous Coward]

is going to be rounded up to a nickel.

Re:My two cents on this..

[mark-t]

Ah, but since pennies currently cost 1.6 cents each to make, that means that his two cents would actually be worth 3.2 cents, and would thus actually really round up to a nickel.

And So Begins

[CanHasDIY]

Phase II of our descent into a cashless society: the elimination of physical currency, starting with the lowest denominations and working up from there.

Now, if you'll excuse me, I'm off to my secret bunker, as I believe I hear the Hyperbole Police coming up the stairs. *dons tinfoil hat* Excelsior!!!

That's OK

[aclarke]

That's OK. We'll just continue to use American pennies. Thanks, guys!

Re:That's OK

[c 0xFF]

And American retailers will continue to accept your funny-looking pennies with some lady on them. I had one cashier remark how they're always changing the coins, and how it must be Lincoln's wife.

Re:DST

[Anonymous Coward]

Now all they need to do is get rid of daylight saving time and they will REALLY make the US look silly

If you believe daylight savings time is the only thing keeping the US from looking silly, you're sadly mistaken.

Re:Just like in Switzerland

[Urban Garlic]

> Here in Switzerland this is already implemented.

I'm not surprised -- most countries already don't produce Canadian pennies.

Re:Love It - even though I'm cynical about the int

[king neckbeard]

Hookers, blow, and maple syrup?

Re:I'll own up to it...I throw them away

[MightyMartian]

I bet the drive-in cashiers love you...

Re:I'll own up to it...I throw them away

[AchilleTalon]

Hahaha, it remembers me this time I was in Kingston, NY and paid the guy using among other change pieces a Canadian penny, because in Canada we are always using indistinctly US and CDN pennies. The guy did notice it and told me with a frown face throwing my CDN penny on the counter: "Could you give me a regular penny?" Like I was a burglar or trying to make me rich using false money.