(HA, get it?)
So it turns out Canada’s smarter than us and is going to start phasing out their penny. According to Time, the Canadian government released its 2012 budget without any money allotted for penny creation. Which is a smart thing to do, seeing as how a single Canadian penny costs 1.6 cents to produce (a US penny costs even more—2.4 cents).
Canada is slated to stop producing pennies this month, and while products will still be charged to the cent when debit or credit cards are used, the government is suggesting that retailers round their prices to the nearest nickel (which could have interesting consequences…imagine the guides that’ll pop up telling people what things are cheaper to buy using debit/credit and which are cheaper using cash).
Anyway, I thought this was pretty interesting news. It makes me think about Canada’s switch from paper $1 and $2 to coin versions. Are the coins cheaper to produce than the bills? Also, were the bills called loonies and toonies, or is that just the coins? I don’t remember if the bills had loons on them. SO MANY QUESTIONS, CANADA, JEEZ.