THE PENNY: Retired in Canada
The penny is history -- at least in Canada. The government there has begun to phase out their version of the one-cent coin, saying it's too expensive to produce.
The last pennies were distributed in Canada on Monday. Now they'll be pulled from circulation and retailers are being asked to price items accordingly by rounding up to the nearest five-cent mark. The Canadian government estimates that the plan will save taxpayers there about $11 million annually.
In the U.S., the penny has cost more to make than its face value since 2006, with it currently costing 2.41 cents to make every one, which now contain mostly zinc. While U.S. officials have been researching alternatives to the penny, they say more research is needed before it can make a decision about its future here.
Source: Chicago Tribune