It’s time to take that full jar of pennies sitting on your desk and take it to the bank.
That’s right, the Canadian penny is finally being phased out to extinction according to the the federal budget that was announced on Thursday. According to the report, the circulation of pennies costs the Canadian government $130-million every year. For a value of one cent, the penny now costs 1.5 cents to make.
“The penny is a currency without any currency,” said Jim Flaherty, the Finance Minister of Canada. “Free your pennies from their prisons at home and donate them to charity.”
In 2010, the Senate recommended in a report to eliminate the copper-based coin. With the announcement on Thursday, Canada will join countries like Israel, Brazil, and Australia as countries that got rid of their single-unit coins.
The nickel should start watching its back because it may be the next target.