Despite Earnings, Penny May Not Be Saved
Posted April 2, 2008 12:00 pm.
This article is more than 5 years old.
They languish in couch cushions, tumble around the laundry machine, sit in pickle jars for what seems like eternity – but when’s the last time one of those saved pennies came in handy?
Amanda Gullace doesn’t think much of them. “To be honest, I do suck them up in the vacuum,” she admits.
The question of their utility has plagued NDP MP Pat Martin. On Wednesday, he introduced a private member’s bill to eliminate the penny, calling it an “expensive nuisance.”
It costs $130 million to produce 1.2 billion pennies, which are made of steel and not copper. That’s more than the pennies are worth themselves.
The motion was quickly supported by Premier Dalton McGuinty, even though he won’t be able to vote on the bill.
McGuinty joked with reporters after announcing his support, “I’ve just created the impetus here for a pro-penny movement. They’ll be marching on the front lawn next week I’m sure,” he laughed.
Martin’s proposal includes a formula to round retail prices up or down – though considering how much attention we pay to gas prices, that rounding may not sit well with some drivers.
The Canadian penny was introduced in 1908, and may soon go the way of one-cent coins in other countries. Australia, France, Spain and New Zealand have done away with the coin.
Two fun facts courtesy of the Royal Canadian Mint:
A 4-litre pickle jar can contain
- 4,992 pennies = $49.92
- 8,400 dimes = $840.00
- 3,411 quarters = $852.75
More than 60 percent of coins processed are pennies
So who supports getting rid of the penny? Click here to find out.
