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29

Mar

b’bye penny!

well, it was really only a matter of time wasn’t it?

Canada is scrapping the penny, ending production of the country’s smallest unit of currency this spring.

Finance Minister Jim Flaherty, whose department described the penny as a “nuisance” in budget documents, said the coin is now more trouble than it’s worth.

The Royal Canadian Mint will stop distributing pennies to financial institutions in the fall of 2012 and the government will work to withdraw one-cent coins from circulation.

The Harper government said the production cost of each penny exceeds its face value. “It costs taxpayers a penny-and-a-half every time we make one,” Mr. Flaherty told the Commons. “Therefore we will stop making them.”

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