Interesting article on Canadian cents last week. HOWEVER, the word "demonetized" is a nasty word. If my memory is correct, America has never demonetized any of its currency or coin except the Trade Dollar which was not circulating in the U.S.. Although the cent is no big deal, demonetizing it will create much doubt as to the strength of our monetary system.
There was a letter to the editor of the Bank Note Reporter's last issue about using the dollar coin and "demonetizing" the paper dollar. Again, bad idea. All this country needs along with a 16 trillion dollar debt is to start having its currency and coin in question as to its value. When I fly somewhere, I take what foreign currency I have to the airport foreign currency conversion booth. I get half of it back as having been demonetized.
Our Dollar is in enough trouble without having some of it in question. Even paper money collectors will be shaken by the possibility that the 500 and 1000 dollar bills could be demonetized because "we don't use them anymore". Oh, by the way, does anyone want to buy a 100 trillion Zimbabwe dollar bill, or Greek drachma, or French franc, or Italian lire. Let us hang on to what little we have left knowing that what is "under the mattress" will be good when we need it, even if it becomes worth a little less every day.
I believe it was said, somewhere is the last E-Sylum, that the Canadian 1-cent had been demonetized. That is false.