Canada is talking about eliminating the penny; should we?
Tuesday, December 21st, 2010
You may have seen but the Canadian Senate’s finance committee has recommended eliminating the penny.
The committee has been investigating their worthlessness and taking testimony from various parties, from large financial institutions to charities. Nobody seemed to embrace the penny, which takes 1.5 cents to mint and distribute.
Click here to read about it in the Montreal Gazette.
Click here to read about it in the Winnipeg Free Press (pennies are minted in Winnipeg, and this paper looked at whether the mint would fight the effort to kill the penny; no big push back there, the paper reported).
A columnist wrote in the Calgary Herald that the effort to kill the copper coin is pointless, because new electronic payment technologies are slowly making the coin - and others - irrelevent anyway. Click here to read the column.
Other counties have already eliminated their pennies (or equivalent): New Zealand, France, Australia, Spain and Sweden. New Zealand even eliminated its five-cent coin.
Oh when oh when are we going to get rid of the U.S. penny?
Click here to learn about the history of the Canadian penny. Actually, I called it a copper coin, but here’s what’s really been in the Canadian penny since 2000:
94% steel
1.5% nickel
4.5% copper plating or copper plated zinc





