The Royal Canadian Mint recently sounded the death knell for the penny. Production of the almost-useless coin will cease by the fall, and I’m assuming this news is being taken fairly well by Canadians as no one seems bothered at all by this decision.
It costs the Mint 1.6 cents to produce each penny, which means that every year Canada spends $11 million more than the coin’s face value to produce something most of us consider to be worthless. All other Canadian coins are worth more than their cost of production, so it’s no wonder the penny is getting axed. Continue reading