icrn phw energy cse dte gobar times rwh csestore iep aaeti
Media

Penny dropped

0 Comments
Jan 15, 2011 | From the print edition

Currency>> Penny • Canada

imageThe Canadian penny is no more worth its value.

A Canadian Senate committee has urged the government to remove the penny from circulation, saying the cost of producing it exceeds its financial value.

“The fact is that the penny is not of much use anymore,” committee chairperson Richard Neufeld said. There are roughly 22 billion pennies in circulation, or about 600 for each Canadian citizen.

imageA 2005 study found that getting rid of the penny would save more than Canadian $131million (US $130 m) in the cost of producing, storing and transporting the coins.

The committee recommended the coins be withdrawn during the next two years. “Most of us know the penny as little more than a nuisance that slows down the line at grocery stores, and ends up under our couches or in drawers,” Neufeld said.

AddThis

Post new comment

The content of this field is kept private and will not be shown publicly.
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.


(Comments are moderated and will be published only after the site moderator’s approval. Please use a genuine email ID and provide your name. Selected comments may also be used in the ‘Letters’ section of the Down To Earth print edition.)
CSE WEBNET
Follow us ON
Follow grebbo on Twitter    Google Plus  DTE Youtube  rss