Scrap the penny, Canadian Senate panel says

[Newsjock]

Source: CBC News

The Senate finance committee is recommending that the federal government remove the penny from circulation and that guidelines be established for rounding off purchase prices for cash-only transactions.

The committee also recommends that production of the penny for circulation cease "as soon as practicable" with 12 months notice, until the copper is no longer considered legal tender.

Canadians' emotional attachment to coppers gathering dust in their jars, cars, pockets and cans "far outweighs their value," said Senator Richard Neufeld, the committee's deputy chair.

... The Bank of Canada says the copper-plated coin has lost 95 per cent of its purchasing power since 1908, when it was first produced in Canada.

Read more: http://www.cbc.ca/consumer/story/2010/12/14/con-penny-debate.html

[phasma ex machina]

1. Canada can send all of its dirty old copper pennies to me. They can have my greenbacks. nt

[MrModerate]

2. Hallelujah! How about the US?

Continuing circulation of the US penny is a foolish waste of money. Just say no.

The same is true of the dollar bill. Carter tried to ditch it 30-some years ago, but lost his nerve. (Sorry, Jimmy, you've been one of the greatest ex-presidents but while you were in office . . . oy veh!)

Kill the Bill! Kill the Bill!