Canada is getting rid of its penny from its currency circulation. That’s not really big news in the United States, where, for years, we have been dismissively throwing their cute, 7/10-of-a-cent coins in the trash with a head shake and a chuckle.
With the Royal Canadian Mint no longer needing to spend 1.6 cents per penny, they can concentrate more on Canada’s main monetary units: beaver pelts.
The Canadian government says that there will be minimal impact, economically. Philosophically, however is another matter. After all, from now on, a penny saved is… nothing.
