Oh Canada. No more pennies? Alas. The Canadian government, in their latest budget, finally stopped the minting of the penny, joining the ranks of countries that have done so already, including Switzerland and Brazil. The pennies cost more to mint than they’re worth, and the estimated savings to the government amounts to more than C$11 million.
Also of note in the Canadian budget, the retirement age was raised to 67 from 65, effective in 2023. This was probably a lot more acrimonious, but, as the savings will amount to much more, that’s to be expected. The US will eventually have to do something similar, though the longer we wait, the more we’re going to have to raise the retirement age, likely to somewhere in the early seventies. However, that won’t happen for the foreseeable future, as it’s unlikely that if our Congress had to order lunch at this point, they probably wouldn’t be able to agree.
As for the penny, for those of you that are reading in Michigan and are used to having fistfuls of the worthless Canadian currency in the drinks holder next to the driver’s seat in your car, be glad that there’s one less variety of Canadian coin to take up space in your life.