Canada will take their penny out of circulation at the end of this year*.It costs 1.6 pennies to make each penny, so the move will save taxpayers C$11 million per year. But I don't suspect that was the real reason -- it's just inefficient for businesses, banks, and people.
Like all other reasonable and productive Canadian ideas, the US will ignore this, keep their own penny, and lumber on as if this were still 1950.
* Payments to the nearest penny can still be made digitally, though. Retailers who accept cash are supposed to round to the nearest C$0.05.
1 comment:
Australia dropped 1c and 2c coins in 1992.
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