The End of the Canadian Penny
CANADA — The Canadian government has finally decided to stop making the Canadian penny.
According to a report by Time Moneyland, Canada released its 2012 budget Thursday without any money designated to fund the Canadian penny, its costs so high that the government thinks it doesn’t make sense to keep the 1-cent coin going.
Finance Minister Jim Flaherty said pennies “take up too much space on our dressers at home.”
The Canadian penny now costs Canada 1.6 cents to produce. The U.S. penny costs an incredible 2.4 cents to make (the nickel,11.2 cents).
In April, Canada will mint its final penny, and a few months later, it will halt all distribution of pennies to the country’s financial institutions as it attempts to withdraw them from circulation.
Find more details about the penny, here and abroad, by reading the Time report.