The Ottawa Globe Mail published an article this week about Parliament's investigation into the elimination of the Canadian one-cent coin. Dick Johnson forwarded the article.
Conservative Irving Gerstein successfully proposed that the Senate national finance committee look at the usefulness and cost of the penny to Canadian taxpayers.
“Why do we need to study the penny?” asked Mr. Gerstein, who is a long-time fundraiser for the Conservative Party. “Many would argue the penny has simply outlived its purpose. It’s a piece of currency which lacks currency.
“In fact, a penny cannot even buy a penny anymore. It costs far more than a cent to produce and distribute each penny.”
The Senator joked with his colleagues that this is “no ‘penny ante’ issue.” However, he said he is not biased against the penny as there are merits to the coin and there are costs associated with getting rid of it.
Other countries, including Britain, Australia, New Zealand, Israel, Sweden, Norway and Demark, have gotten rid of their lowest currency denomination.
Dick Johnson adds:
The article is illustrated with a picture of a pile of cent coins. Interestingly enough, there appear several U.S. cents intermingled with Canadian. We assume they circulate side-by-side. Question for eagle-eyed E-Sylum readers: How many Lincoln cents can you find?
To read the complete article, see:
Senators give penny some thought
Wayne Homren, Editor
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