Well, we suppose it’s time we put our two cents in on this matter, the penny has officially ceased being minted. Since 1793, the penny has been consistently produced in Philadelphia but those days are now at an end. We shall not forget it’s copper-toned beauty but we do celebrate it today as the production grinds to a halt.
As noteworthy as this is, we should note the US penny was actually preceded in death by the Canadian penny. Our neighbors to the North actually discontinued their one-cent coin back in 2012, resulting in prices being rounded to the nearest five-cent piece. The reason for each was the same- the cost of manufacturing the coin was more than the coin was actually worth.
Current U.S. Treasurer Brandon Beach said stopping the penny would save taxpayers “$56 million,” which sounds like a lot. But let’s also remember the current national debt is over $38 trillion. In case you were wondering, 56 million is 0.00015 percent of 38 trillion. So, you know, take your victories where you can find them we guess?
Naturally, the penny is still considered legal tender and there are billions of them still out there. You’ll still be able to use the penny to pay for things but some businesses are already starting the rounding of prices. One of our local Burger King drive thru lanes has a sign up stating that they’re doing price rounding. Obviously it’s still going to represent a big… “change” for people.
At least we can say that 232 years was a pretty damn good run for any kind of product, even if it is a piece of currency. But if Canada can survive the transition, surely America can as well.
