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article imageBye Bye Penny Bye Bye

By KJ Mullins     Apr 2, 2008 in Business
If Pat Martin has his way the Canadian people will soon be penniless. A bill introduced today calls for the penny to be gotten rid of. If the measure passes it will save the government a tonne of money.
"The penny is of no commercial value, it does not circulate and costs more to produce that its actually worth," said Pat Martin (Winnipeg Centre), who introduced a private members' bill today calling for the penny's demise before year's end.
Each penny produced costs 4.5 cents. Those shiny little coins that collect dust bunnies under beds, in jars and in the gutter has passed its prime and is no longer a productive member of coin society.
Each year the government of Canada spends $130 for the one cent pieces. The 1.2 billion new pennies rolled out each year just isn't what it used to be. Other countries like France, Spain, Australia and New Zealand have already moved to stop their penny production.
Martin said this year marks that 100th anniversary of the penny in Canada. "We believe at the same time we have a birthday party for the penny, we should have a funeral."
If the bill does pass I bet the streets will be filled with people running to their banks to get some money for those little copper pieces before they are put to rest.
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