How many times have you walked past a penny on the ground or carelessly dropped it on the floor and not picked it up, thinking that a penny is not worth your time. The Canadian mint produces nearly one billion pennies a year and sets them off for circulation where most of them will spend their time on the streets or collected in jars. The Royal Canadian Mint says it costs only 0.7 cents to make a penny but if you factor in other costs such as shipping the pennies to banks then it could add up to 4 cents per penny. Surely we have to get rid of this nuisance by proposing a bill to abolish the penny in Canada.
Pennies are heavy, a nuisance and isn’t worth carrying around in your pocket. This is why most people leave them on the ground or collect them in a jar. In fact a small study by the mint suggests that 42% of consumers would rather abolish the penny.
The bill will eliminate the penny from our currency and retailers will have to round the total after tax down to the nearest 5 cents. This bill could save consumers money on their purchases.
It costs more to mint a penny then its actual value. Eliminating the penny would be better for our economy. Pennies cost more than 130 million dollars every year to manufacture and circulate and who pays for that? Well we, Canadian tax payers do. So why do we have the penny? Well, back in the 1870’s the penny was equivalent to 26 cents today, now that’s a lot but because of inflation and our economy the penny is pretty worthless today. All the money the country will save on manufacturing and distributing the pennies could be used for healthcare and education.
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But could we do without the penny? Well charitable organizations would experience a great loss if the penny was eliminated. For fund raising the penny has a great value because most of us are delighted to empty your pockets of pennies to a good cause. But most of us are too cheap or unwilling to give nickels so many donation boxes will be left empty of pennies. Without the penny we would lose the joy of finding a lucky penny or making a wish when we throw it in a fountain.
But the penny is still a nuisance to our country we will save hundreds of millions of dollars a year to eliminate it from circulation. You can’t buy anything with a penny and there is even an act called the currency exchange act, it says you can’t buy a product worth more than 25 cents in pennies. New Zealand and Australia have both abolished the penny. All the money we will save by abolishing the penny can be put into healthcare, education and housing.
Sourceshttp:
//www.thestar.com/article/182209http://www.cbc.ca/consumer/story/2008/03/31/penny.html?ref=rsswww.retirethepenny.orgwww.cbc.ca/news/background/economy/penny.html
