CEJ #1

1-28-13
Caden

Penny-pinching: Canada cuts penny; is our Lincoln coin next?

Canada

By Cheryl K. Chumley
Washington Times
February 5th 2013
http://www.washingtontimes.com/news/2013/feb/5/penny-pinching-canada-cuts-penny-our-lincoln-coin-/?utm_source=RSS_Feed&utm_medium=RSS\

Summary

Canada recently did away with the penny.  Many people are wondering if the US should do the same.  The article states that the US spends in estimated total of 44 million dollars a year on the production of the penny.  However stopping penny production in the US isn’t going very well.  The US has tried in the past because each penny cost two cents to make so we are reconsidering another attempt.

Response

I think that Canada was wise to get rid of the penny because it doesn’t seem to be a useful enough coin to continue making.  I can see where complications would occur when dealing with things such as taxes and pricing.  Despite that i think that getting rid of the penny would be good for the economy.