Now that the penny's days are officially over, Canadians can start looking forward to a time when the coppery discs will no longer weigh down their pockets and change purses.
[ Related: The penny is gone, should we get rid of nickels too? ]
Finance Minister Jim Flaherty announced last March that pennies will be phased out of existence due to low purchasing power and rising production costs. The mounds of one-cent coins currently nestled between your couch cushions will eventually become a collector's item since the Royal Canadian Mint stopped distributing pennies to financial institutions this Monday. In a pamphlet outlining reasons for the change, Ottawa labeled the coin a "burden to the economy," citing an $11-million-per-year loss due to rising metal costs and decreasing purchasing value.
To offset the confusion and to ostensibly avoid the need to start drilling nickels into slivers for the appropriate amount of change, prices at cashRead More »from How the pennies’ disappearance will change Canadian lives