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Bye, bye, Penny…


Yesterday it was announced that the Canadian government will stop producing the one-cent coin. Personally, I think this make economic cents sense.  It’s long overdue.  Let’s face it, when it costs more to produce a currency than its actual value then it’s clearly not a financially sound practice.

Some have decried the move as one that will hurt only the neediest of our society because businesses will start rounding up the price, ultimately increasing the cost of goods and services.  Further, there’s speculation that charity boxes will suffer as people have less change (pennies) to drop into the box.   On these points, only time will tell.

Personally, I prefer to take a more optimistic view.  The government is going to save roughly eleven million dollars a year by phasing out production of the penny.  That’s eleven million dollars that could be spent on propping up some of our social and health programs.  That’s eleven million dollars a year less of taxpayer money that is being needlessly wasted.

Further, as the government starts collecting the billions of pennies assuredly sitting in old piggy banks across the nation – there may be an opportunity to make some extra money from the precious copper constituents of older pennies.  Seems like a win-win situation to me.

The penny is a currency of a bygone era.  There’s practically nothing left that can be purchased with the one-cent coin  (I think fondly of the penny candies that we so often purchased at the corner store in my youth).  So, let’s embrace this change.  I know change is hard, but ultimately this change is long overdue.

Photos: Canadian Penny 1858-2012 Source: The Montreal Gazette

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  1. Mom
    March 30th, 2012 at 07:54 | #1

    No more 3 candies for a penny, or keep the pennies, when I went to the store as a kid. LOL OK I GIVE ! 😉

    But…… I shall keep my pennies and pass them on.

    The coin seed. The little penny.

    Grew a nickle, then a dime, quarter. Remember the 50 cent piece ? Half that dollar.

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