In the news this week, Canada has officially decided to stop supporting pennies. Later this year, they will stop making pennies. Some people from Ottawa, speaking for all of Canda, said there are two main reasons for this decision.
#1. It'll save them money. It costs 1.6 cents to make a 1 cent penny, so really, the government is losing money by making pennies.
#2. Pennies aren't very useful anymore. They're more of a nuisance than anything else.
There are currently 30 billion Canadian pennies in existence, and as time goes on, they will eventually disappear from active currency. In the meantime, as the penny gets phased out of existence, prices are expected to be rounded up or down to the nearest nickel, rather than the nearest cent.
What do you guys think? Is Canada making a good decision here? Should the United States follow in their footsteps? Or will this destroy the Candian economy? Basically, a penny for your thoughts here.