Eh? Canadians pinch pennies
Canada has decided to ditch the penny, and we just had to give our two cents.By: News Tribune staff, Duluth News Tribune
Canada has decided to ditch the penny, and we just had to give our two cents.
Oh, wait.
We guess this now is a nickel’s worth of news.
The Canadian government unveiled its federal budget plan Thursday, and it includes orders for the Royal Canadian Mint to end penny production this fall, the Associated Press reported.
Canadian Finance Minister Jim Flaherty said the cost of minting a penny has risen to 1.6 cents each, or $11 million a year. In this era of watching every last cent, officials said, the time had come for the … last cent.
Pennies still will be considered legal tender in Canada, but they’ll slowly be taken out of circulation. From now on, if you’re paying cash in Canada and you don’t have a penny, prices after taxes will be rounded to the nearest nickel.
So the next time some sly Northland cashier slips Queen Elizabeth and her maple leaves in with your Abe Lincolns, don’t fret. You’ll have a future collector’s item in the palm of your hand.
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