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Canada Scraps the Penny

April 4, 2012 Comments off

theepochtimes.com

Canada’s federal budget, released last week, includes the decision to end production of the penny. (Matthew Little/The Epoch Times)

TORONTO—Penny pinchers in Canada may soon turn their attention to nickels and dimes given the news in the country’s federal budget that just came down: pennies are being discontinued.

“Given its declining purchasing value, some Canadians consider the penny more of a nuisance than a useful coin,” notes the announcement that came with the publication of budget.

Credit, debit, and electronic transactions will keep exact purchase prices, but cash transactions will round prices that end in 3 cents up to 5 cents, and round prices that end in 2 cents down to zero.

While the Royal Canadian Mint will stop producing the penny, the coin will Read more…

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