Penny is scrapped in Canadian budget

 

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The Independent US

Canada is to scrap its pennies because they cost more to produce than the coins are worth.

As part of a $5.2bn (£3.2bn) cut in federal spending in the Conservatives' first budget, the Royal Canadian Mint will stop producing the 1 cent coins this autumn.

The cost of minting a penny has risen to 1.6 cents or $11m a year, while its purchasing power has fallen to a 20th of its original value.

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