How many times have you walked past a penny on the ground or carelessly dropped it on the floor and not picked it up, thinking that a penny is not worth your time. The Canadian mint produces nearly one billion pennies a year and sets them off for circulation where most of them will spend their time on the streets or collected in jars. The Royal Canadian Mint says it costs only 0.7 cents to make a penny but if you factor in other costs such as shipping the pennies to banks then it could add up to 4 cents per penny. Surely we have to get rid of this nuisance by proposing a bill to abolish the penny in Canada.
Pennies are heavy, a nuisance and isn't worth carrying around in your pocket. This is why most people leave them on the ground or collect them in a jar.
In fact a small study by the mint suggests that 42% of consumers would rather abolish the penny.
The bill will eliminate the penny from our currency and retailers will have to round the total after tax down to the nearest 5 cents. This bill could save consumers money on their purchases.
It costs more to mint a penny then its actual value. Eliminating the penny would be better for our economy. Pennies cost more than 130 million dollars every year to manufacture and circulate and who pays for that? Well we, Canadian tax payers do. So why do we have the penny? Well, back in the 1870's the penny was equivalent to 26 cents today, now that's a lot but because of inflation and our economy the penny is pretty worthless today. All the money the country will save on manufacturing and distributing the pennies could be used for...