As a follow-on to the article he sent us last week on Canadian cent, Dick Johnson adds this: "In a recent poll, Canadians voted 74 to abolish the coin to 26 in favor of keeping it. The same article said it would save Canadians $25 million a year by abolishing the cent coin."
The penny has outlived its usefulness and should be scrapped, says P.E.I. Senator Catherine Callbeck.
Callbeck is on the Senate's national finance committee, which is preparing a report on the value of the penny. On cost of production alone, it represents a loss for Canadians, Callbeck told CBC News.
"The raw material in the production of the penny costs more than a penny, so that roughly the direct loss to the taxpayer every year is $25 million," said Callbeck. She said the Senate wants to hear from Canadians on the issue.
To read the complete article, see:
Penny: Is it time to get rid of the one-cent coin?
To read the earlier E-Sylum article, see:
CANADIAN PARLIAMENT STUDIES ABOLISHING CENT COIN
Wayne Homren, Editor
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