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Canada Does Away With Penny; America To Follow?

According to reports, the Canadian penny costs 1.6 cents to produce, prompting the Canadian Government to cut funding for production of the coin, beginning this year.

Coins
Scott Olson, Getty Images

Now get this: the American penny costs 2.4 cents to mint, almost 2 1/2 times the value of the coin.  Currently, there is a debate in the US about the future of the coin: proponents of discontinuation of the coin cite production costs, limited usability (most vending machines do not take pennies), and public health factors (pennies are not safe for children) as reasons for discontinuation.  The penny-pinchers’ side of the coin argue charity (many charities collect pennies as their main fund-raiser), historical sentiment and presidential history.

What are your thoughts?  Are pennies a waste of time and money?

After that debate comes to a head, they may want to talk about the nickel:  production costs are now at 11.2 cents!

(Via Wikipedia, Time Moneyland)

 

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