Sudbury Speaks - Phasing out the penny
Apr 03, 2012
As was detailed in the recently released federal budget, the Royal Canadian Mint will stop producing pennies this fall.
The federal government spends 1.6 cents to produce each new penny, and by eliminating it from circulation, it is estimated to save about $11 million a year.
Cash transactions will be rounded to the nearest nickel. For example, if your purchase totals up to $4.86 after tax, it will be rounded down to $4.85.
Watch the video to see what some residents think about the federal government's choice to phase out the penny.
Share your two cents by commenting below.
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