Canadian Penny To Be Phased Out

The Canadian government announced that it is eliminating its one-cent coin. Pennies will continue to be legal tender; however, the Royal Canadian Mint will no longer produce these coins as of this fall. According to the Canadian government, it costs about 1.6 cents to produce a penny. This costs the Canadian economy about 11 million dollars a year. Businesses are being asked to collect and return pennies to financial institutions. The coins will be melted down and recycled into reusable metal. Cash transactions will require rounding up or down. The Canadian penny has been in circulation since 1876. #WeeklyNews