Ever handed a Canadian penny back to the clerk in a particularly snarky mood? Well, you’ll eventually have to find a new way to make someone’s day a tad worse since our wise brethren north of the border have decided to put two cents of common sense into their money-making operations.
The decision to phase out the penny was due to its excessive and rising cost of production relative to face value, the increased accumulation of pennies by Canadians in their households, environmental considerations, and the significant handling costs the penny imposes on retailers, financial institutions and the economy in general.
You see, the penny was destroying Canada, one wee maple leaf at a time.
Above is an infographic from last April explaining why the Canadian penny is now kaput, but maybe if you start hoarding now, they’ll be worth a nickel in fifty years or so.
We wouldn’t bet on it, though.
All things Canada.Author on Google+