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Penny Purge: Canada Drops the Penny, Is U.S. Next? [VIDEO]
Those coins in your pocket don’t have much bang for the
buck penny. Our neighbors to the north have found their solution: Canada is dropping the penny. Could the U.S. be next?
FOX’s Anna Kooiman reports:
This month will mark the end of the Canadian penny because taxpayers are losing money. American taxpayers are experiencing similar issues. The United States Mint spends more than double the worth of pennies and nickels to produce and distribute them – 2.41¢ for pennies and 11.18¢ for nickels. The U.S. Mint is actively researching to find more economical ways to produce our coinage, for example, lowering their weight, or mixing the metals with different alloys.
In 2011, taxpayers lost $60 million producing pennies and $56.5 million producing nickels. Some experts say, at some point, bills & coins may both be a thing of the past, and everything would be done electronically.
Anna Kooiman, FOX News Radio.
WATCH more on pricey pennies HERE: