UPDATE! The Canadians have done it. They’ve minted their last penny. When will we catch up to the Canucks?
As this video proves beyond reasonable doubt, it is way past time for the US to dump the penny. They’re expensive, most people don’t want them, they’re literally not worth picking up off the ground or out of your pocket.
Canada will withdraw the penny from circulation this year, saving taxpayers about C$11 million ($11 million) annually and forcing retailers to round prices to the nearest nickel, the government announced in its budget today.
The Royal Canadian Mint, which has produced 35 billion pennies since it began production in 1908, will cease distribution this fall due to the coin’s low purchasing power. Production and handling cost for the one-cent coin are a C$150-million drag on the economy, according to a 2006 study by Desjardins, a Levis, Quebec-based financial institution.
Seriously: Are we dumber…than CANADA? Getting rid of pennies is easy—look:
As [Canadian pennies] are gradually withdrawn from circulation, price rounding on cash transactions will be required, the government said.
The calculation of the federal goods and services tax and provincial sales taxes will continue to be calculated to the penny and added to the price, with rounding only taking place on the total payment.
Non-cash payments on checks and credit cards will continue to be rounded to the nearest cent.
If there were some overwhelming demand for pennies—the way there is paper dollars vs. sucky coin dollars—I’d understand why we take a loss on them. But there isn’t. Besides, we’re already on a path towards my money Nirvana: NO coins of any kind.
So why waste money and fight the future? C’mon, President Obama –do something smart. Kill the penny!