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Canada getting rid of the penny to save costs
|Last Edited||RP Mar 30, 2012 02:52pm|
|News Date||Friday, March 30, 2012 08:00:00 PM UTC0:0|
|Description||Canada is ditching production of the penny, saying it costs more to make the coin than it's worth. |
As of this fall, the Royal Canadian Mint will cease distributing Canadian pennies, though consumers will still be able to use them for transactions. The change was included in the country's 2012 budget released Thursday.
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.