On Wednesday April 2, 2008 I introduced Bill C-252 entitled An Act to amend the Currency Act and the Royal Canadian Mint Act (abolition of the cent). This Bill aims to stop the production of the penny, phase it out of circulation, and introduce a ‘rounding’ system to adjust prices to the nearest nickel.
To put it simply, the penny has virtually no commercial value, it barely circulates, and it costs more to produce than its worth. It’s time to get rid of it.
Currently, there are approximately 20 Billion pennies in circulation in Canada and last year the Mint produced more.
C-252 is modeled after Australia and New Zealand who have eliminated their smallest denomination coins in recent years, as have France, Spain and the Netherlands.
The support for this idea is growing too. A study prepared for the Royal Canadian Mint in September 2007 indicated that small retailers, big retailers and public opinion all agree with this initiative.
If you support this idea and wish to share your views with your Member of Parliament you can find their contacts here.