A year ago, the Canadian government announced that it would be ditching the penny. The coin, which is being phased out this Monday due to costs (it currently costs more to make a penny than what a penny is worth) has been featured as a Google Doodle. For the collectors, the Royal Canadian Mint is offering the last rolls for sale.
At no time soon will the U.S. be following Canadas example of scrapping the penny. That process started Monday, as the Royal Canadian Mint ceased distribution of the nuisance coin to banks and other financial institutions.
The benefits for Americans in following suit are self-evident.
In 2011, the U.S. Mint was spending 2.4 cents to make a penny, which slipped back to the recent norm of 2 cents last year. The loss to the U.S. Mint to Americans, that is comes to $58 million a year. For Canada, those figures were 1.6 cents and $11 million.
A century ago, the penny had close to 25 times the buying power it does today. A mere 19 per cent of Canadians still pay cash in retail and hospitality transactions, estimates show. And that 19 per cent, Star reporter Jessica McDiarmid noted Friday, imposes an estimated cost on business of about $150 million a year in handling pennies alone.
|"The rich are going to continue to gobble up a greater share of income, and our current system will do nothing to reverse that trend."|
|Bank crisis lessons 'not learned'|
|Mt.Gox's Demise Could Potentially Threaten Bitcoin's Future|
|Escape From Tomorrow: Movie Shot Entirely in Disneyland, Without Disneys Approval|
|Facebook's Stock Not So Hot|
|“This incredible inconsistency can make English really hard to master for non-native speakers.”|
|How to Avoid Jury Duty|
|“That’s why Colorado School of Mines decided it was time for students to learn how to tap celestial bodies for all they’re worth.”|
|“What if there was a thermostat that allowed you to turn down the temperature of the Earth whenever you wanted.”|
|Japanese Robot Serves Ice Cream From Inside a Vending Machine|
|Review of BenQ's treVolo S Portable Electrostatic Bluetooth Speaker|
|“Lifting the electric motors out of Teslas and putting them in the chassis of other, formerly gas guzzling cars.”|
|On Instagram, Everyone Takes the Exact Same Photos|
|“Rejuvenation is Finally an Industry.”|
|“What can we do to make responsible use of plastic a reality? First: reject the lie.”|
|The (Very Scary) People of Public Transit|
|Why, Typewriters Are Alive and Well, Thank you|