Our neighbors to the north, Canada, has decided to take the Penny out of circulation. They say retailers will have to round everything off to the nearest nickel. They will stop making Pennies and banks will be instructed to turn over all pennies to the Government.
Canadian officials say the coin doesn’t earn its keep. It takes up a lot of space, and it costs 1.5 cents to make a Canadian penny. All this creates a drag on the economy. Here in the US, it cost 2.5 cents to make a penny. You better start collecting them now because we might be the next country to eliminate them.