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Tuesday, February 05, 2013

Canadian pennies (Steve Leenow/flickr)

Today marks the last day the Royal Canadian Mint will distribute the penny, a coin that has been in production in Canada for more than 150 years. The sinking of the Canadian penny is a recognition of the reality that it costs of 1.6 cents to manufacture a penny, and that many people consider them more of a nuisance than a denomination of money. 

Jeff Gore is the founder of Citizens to Retire the U.S. Penny. He's also a professor of physics at the Massachusetts Institute of Technology.


Jeff Gore

Comments [10]

Angel from Miami, FL

Canada had to cancel its penny. Every one of my attempts at using a Canadian penny in a vending machine has failed. They're just useless.

Jeff Gore probably started this penny retirement scheme trying to distract his bosses at MIT from his inability to do any worthwhile physics experiments. However, as a consequence Jeff has managed to distract us from seriously looking at our national budget for real wasteful spending. How many Stinger missiles do we waste just blowing up schools before we've confirmed that a terrorist (or an American) is shacking up there?

Feb. 07 2013 09:28 AM
Jf from Reality

It is insane that people are not allowed to live anywhere they want but corporations can go anywhere to exploit people. No one chooses to be born anywhere, this is a prison state, we are prisoners to a corporate state.

Feb. 06 2013 03:25 PM
Dave in NC from Tarheelia

So the penny has dropped for Canada...

Feb. 05 2013 09:28 PM
Donald Isenman from The Catskill Park

The devaluation of our currency has been caused by the Federal Reserves action in allowing inflation as a policy. Over the years, the currency has lost value as a result.

It should be devalued to reflect this change to the change since 1930 or some other date. Probably a 50% devaluation across the board in prices and currency would be prudent and also make the effects of inflation clear to the public.

It can and should be done.

Feb. 05 2013 04:00 PM
Tim Bartz from Piermont, NY

I own a coffee shop and have to charge 8.375 percent sales tax. (.375 for the county and 8 for the governor.) How am I going to do that without a penny? I adjust my prices so they come out "even" with the addition of the tax as often as possible, but sometimes it's just not. Can you say, "ten percent sales tax?"

Feb. 05 2013 03:56 PM
RUCB_Alum from Central New Jersy

Rather than kiss the penny off, I would much prefer if the North American economies - and any other economy that cared to act with us - restore value to the penny but cutting all nominal prices, wages, salaries, deposits etc. by a value of ten! There are too many billionaires in the world as it is.

Feb. 05 2013 03:47 PM
Walter from Dallas, TX

While listening to the initial part of the broadcast I tried pondering my thoughts about the penny, U.S. and Canadian, but I'm more interested in the background music particularly the bit with the jazzy vocals covering the Beatles "Pennylane". Who is it anyway may I ask, the name of the vocal group?

Feb. 05 2013 01:01 PM

Let me remind you, a tenth of a penny causes us to drive to find a cheaper gas station. will gas always cost 5 cent more?

Feb. 05 2013 12:57 PM
M Khan from Dallas, Texas

It is an inflation tax on poor who watch the price by the penny. If it cost more to produce the copper penny why not produce using cheaper material like aluminum or even plastic. It is poor excuse by the government. Few years into the future they will use the same excuse to eliminate nickel or dime. Fire every government official who made this decision.

Feb. 05 2013 12:32 PM
Marcus from Boston

Yes! Finally, no more $2.99 for a a product, it will just be 3 bucks. All though I guess the nickle will just become the new penny.

Feb. 05 2013 11:50 AM

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