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Title: Canada stops distribution of penny coin
Source:
http://www.bbc.co.uk/news/world-us-canada-21328892
URL Source: http://BBC
Published: Feb 4, 2013
Author: staff
Post Date: 2013-02-04 19:46:01 by Ferret Mike
Keywords: None
Views: 1495
Comments: 2
The Canadian penny is being withdrawn from circulation because production costs have exceeded its monetary value. The Royal Canadian Mint will no longer distribute the coin to financial institutions around the country, but it will remain legal tender. The government has advised shop owners to round out prices to the nearest nickel (5p) for cash transactions. Other countries that no longer use the penny include New Zealand, Australia, the Netherlands, Finland and Sweden. Despite the change on Monday, electronic transactions can still be billed to the nearest cent. The government has estimated that the coins, which bear the image of Queen Elizabeth II and two maple leaves, cost about C$11m (£7m) each year to make. The end of the penny has prompted charities around Canada to start penny drives, and some initiatives have been very successful. Toronto-based Free The Children has already collected 70m pennies, CBC News reports. That could provide a lifetime of clean drinking water to 28,000 people in developing countries, according to the NGO. But other organisations, such as Canadian Guide Dogs for the Blind, say they are worried the disappearance of the penny will make it harder to fundraise. The US Treasury has said the Obama administration has thought about making its one cent coins from a cheaper material - they are currently made of zinc.
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#1. To: Ferret Mike (#0)
(Edited)
We might as well scrap the penny too, it's not worth the effort to make them. Either that or add zeros like Mexico did 30 years or so ago. They added three zeros, and came out with a line of bi-metal coins. They're beautiful, but they're worth less and less every day, like the funny money coming from the US Treasury. At one time I had one crazy glued onto my gearshift knob, but a pendejo pried it off and stole it. That was back when they first came out, and were actually worth something.
I agree. We should also save money and ditch the dollar bill as too expensive to make and go for dollar coins. They are a better value.
The US Treasury has said the Obama administration has thought about making its one cent coins from a cheaper material - they are currently made of zinc.
"We (government) need to do a lot less, a lot sooner" ~Ron Paul
#2. To: hondo68 (#1)
"We might as well scrap the penny too, it's not worth the effort to make them"
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