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

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: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.