Saturday, April 05, 2008
No more penny for your thoughts
Canadian MP Pat Martin proposed on Wednesday that the country's 1 cent coin, or penny, be scrapped on the grounds that it was "an expensive nuisance" and cost more to produce than it was worth. It cost million (US$1.00 = C$1.02) to produce 1.2 billion pennies last year, largely because so few of the small coins are actually circulated. Most end up in piggy banks, cookie tins, and desk drawers. He estimates there are 20 billion out there. The penny was introduced 100 years ago in 1908.
I'm like most people. I hate them. No doubt prices will go up slightly but I consider my $1.98 grande coffee to be 2 bucks. I don't even bother taking the change.