It is the round, copper coin that we find in our couches and store in our piggybanks.  It is the most valuable item in the world to penny pinchers, worth one cent, and soon going to become history. The Canadian government has decided to withdraw the Canadian penny from circulation this fall, and quite frankly, it will not be missed.Aside from being a tedious obstacle in our wallets, the penny has no significance nowadays.  First off, it costs 1.23 cents to make one penny. This means that it costs more than it is worth, which benefits no one. In addition, the Canadian penny’s purchasing value is not as powerful as before.  As a matter of fact, pennies are, for the most part, disregarded everywhere, and used not for their actual value, but as something to throw into a fountain and refuse as change.

By eliminating the penny, we, the tax-payers, are also benefitting, as it is the tax-payers’ money that is used to create pennies. The production for making other, more useful coins will also increase with the removal of this coin. They are worth more than the cost at which they are produced. In other words, there will be more of the coins that we love!

Along with the economy, the environment will also be at an advantage when the penny is discontinued. Over the past five years, about 7,000 tonnes of pennies were distributed throughout the country from production plants in Winnipeg! When this large amount of pennies is withdrawn, we will have significant environmental benefits.  Firstly, it will reduce the annual use of base metals by the production plant. Secondly, metals from the existing pennies will be recycled and used for other products. Lastly, energy used for the production, transportation, and distribution of pennies will be saved.

As you can see, it is a win-win situation for everyone, from environmentalists to tax-payers.  However, if you are a penny-lover and piggy bank owner, just remember that all good things must come to an end!