A penny for your thoughts - the Canadian...

A penny for your thoughts - the Canadian Government is getting rid of our penny!

Finance Minister Flaherty was clearly thinking of decluttering and interior design, noting Pennies take up too much space on our dressers at home.

The green side to this; the weight of all those pennies adds up, as does the cost and footprint of shipping them. According to Bloomberg,

The savings to financial institutions alone may be about $20 million a year, as banks reduce transportation, storage and handling costs, the study estimated. It costs the government 1.6 cents to produce one penny, which has been made of copper-plated zinc and copper-plated steel since 1997. The mint used 3.3 million pounds of steel, more than 154,000 pounds of copper and 50,700 pounds of nickel last year to make pennies at its facility in Winnipeg, Manitoba. It put 1.3 billion coins in circulation in 2011, half of which were freshly minted and half made from recycled materials.

I guess the penny has fallen victim to changing times (pun intended). Thanks to Treehugger for this one.

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