The budget says the cost of minting a penny has risen to 1.6 cents or $11 million a year. Its purchasing power has fallen to a 20th of its original value.
“Some Canadians consider the penny more of a nuisance than a useful coin,” the budget documents said.
“The penny is a currency without any currrency in Canada,” Finance Minister Jim Flaherty said at a news conference.
Pennies will still be legal tender, but as they slowly vanish from circulation, prices will have to be rounded up or down.
[Winnipeg Free Press]
If you’re like me, axing the penny comes as a good thing. Mine just sit in a big coin jar. I dont like using them, carrying them, and since they cost more to make than they’re actually worth, killing them off makes sense.
So what are we going to do with all these pennies after they’re taken out of circulation? The Finance Minister suggests we bundle them up for charity – BRILLIANT IDEA. I’ll take every bucket you want to hand me for Team Diabetes. If charity’s not your style, here are 3 other things you can do with your old pennies:
You will need to save a few of your coins for vacations around the world. Cheesy tourist traps love to have press-a-penny booths that often cost a dollar and squish your penny into something silly:
Since pennies get kind of dirty, and aren’t always the same colour, you can use them to make art. Here’s one of Abraham Lincoln using US pennies. Why not try to make one of the Queen using old Canadian pennies?
Or you could use them to cover sculpture. Check out Linda Seidman‘s “Horse Cents” from Germantown, Tennessee:
What will you do with your old pennies?