On Monday, the Canadian government began a program to phase out the penny.
"There’s nothing a penny will buy any more, not a gum ball or small piece of candy," Pat Martin, a member of the Canadian Parliament, told The Associated Press on Monday. "The penny is a nuisance. It costs too much to make. They clutter our change purse and they don’t circulate. They build up in piles in old cookie jars under our beds and in our desk drawers. You can’t give them away. They cost more than what they’re worth. It’s time to put them all out to pasture, put them out to the curb."But here in the U.S., we're still producing pennies ... and losing money with every coin minted.
It costs 2.4 cents to buy the metals needed and manufacture each U.S. penny. That kind of economics only works for the Obama administration.
Canada begins phasing out its penny