Gallery: Canada Announces Plan to Phase Out the Penny Starting Next Mon...


Canada has taken the plunge and announced it will soon phase out the penny from its monetary system. The iconic copper coin’s loss of face value over the past few years has made it less and less viable for the Canadian government to justify continued production – and the Canadian government estimates the move will save taxpayers $11 million a year. Canada will start the phase out in just one month’s time, beginning on February 4, 2013.

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