Canada Abolishes Penny
Canada has announced they will begin to withdraw the Penny from circulation beginning fall 2012. The reason for the change is that Canada loses $11 million each year supplying pennies to the economy. To cope with the new change Canadian prices will either round up or round down to the nearest $.05 when paying with cash. Paying with check or card the price will remain the same. Other countries that have already abolished their low-denomination coins include Australia, Brazil, Finland, Israel, Netherlands, New Zealand and more. Colin Grey has created ‘Death To Pennies‘ which explains why the penny should also be abolished in the United States.
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