Next time someone offers to pay a penny for your thoughts you can tell them to lump it because by this fall the penny will be out of circulation here in Canada. It has lost 95% of its value and it costs 1.5 cents to make the copper coin …!
U.S. advocacy group called Citizens for Retiring the Penny has called Canada a trailblazer for taking the bold step of eliminating the coin. The same praise came from David Owen who wrote a piece in 2008 in the New Yorker, “Why do pennies exist?” Owen says Canada has come out early on a number of fronts including doing away with the bothersome one-dollar and two-dollar currency notes.
In the US several attempts to do away with the penny have been unsuccessful – one, because Americans have an inordinate passion for historical artifacts and two, they are sentimentally attached to the penny. Oh, and…
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