Spend Less Time with a Penniless Canada
by anthony guerriero on February 7, 2013 - 9:50pm
According to a recent article posted on February 4th, 2013 by the Canadian Press and National Post Wire Service on the National Post, the Canadian penny distribution to financial industries has officially been put to a stop.
Since its confirmation, Canadians everywhere are taking part in the much-anticipated extinction of the penny. Businesses have already started to round transactions to the nearest five-cent increment in a “fair and transparent manner”. The Bank of Canada’s Currency Museum has also took action and created a mural made up of 16,000 pennies to conserve the coin’s history in Canadian culture. Finance Minister Jim Flaherty first announced the discontinuation of the Canadian penny about a year ago due to the fact that the penny’s production cost (1.6-cents) surpassed that of its 1-cent value. The nation will save $11 million a year by getting rid of the still-legal tender. The time for the 35 billion pennies to get out of circulation is “estimate[d to be] three to four years” according to Mint spokesmen Christine Aquino.
Thinking of disposing your pennies to penny drives and charities? Think again! “In time [and] in rolling cost” charities don’t net a decent amount of money with penny donations according to the director of charity bank Chimp Fund Jeff Golby. That means that people who volunteer or work for charities will be assigned more important and meaningful tasks as opposed to just rolling pennies. As someone who volunteers often at track meets, I can see how this action is beneficial.
This is a clear indication that the nation took a step forward by eliminating the penny. We live in the 21stcentury and people can’t afford to waste time. There are various economic and social advantages to this decision because the nation will save money and waste less time in the long run. The United States of America should walk in Canada’s footsteps because it currently costs 2.2 cents for them to produce one penny. Being that they are in a huge economic depression, I think that they should try our method so they can save money as well. We depend strongly on their economy and by setting an example through awareness, everyone can benefit from these social and economical advantages.