Canada to phase out its penny

Canada to phase out its penny


02/04/2013 // West Palm Beach , Florida, US // JusticeNewsFlash // Justice News Flash // (press release)

Canada – Canada has reportedly begun the process of phasing out its penny. As reported by the Associated Press (AP), the Royal Canadian Mint ended its distribution of the coins to financial institutions officially on Monday.

Opposition New Democrat Member of Parliament Pat Martin is quoted by the AP as stating in farewell of the coin to Parliament this week, “There’s nothing a penny will buy any more, not a gum ball or small piece of candy… Note the penny is a nuisance. It costs too much to make.”

“They clutter our change purse and they don’t circulate. They build up in piles in old cookie jars under our beds and in our desk drawers. You can’t give them away. They cost more than what they’re worth. It’s time to put them all out to pasture, put them out to the curb. No, the penny is useless, but there is one thing I’d say, I hope they don’t start treating old MPs this way,” Martin stated.

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