(Aired on May 21, 2010)
Above my desk sits a rather large coffee mug. Said mug is about 7/8s filled with change. Not the good kind of change, mind you. The kind of change that might as well not exist. If my mug was in fact filled with a tasty beverage and not change, the pennies would constitute the mocha and the silver change would constitute the delicious whipped cream on top.
The fact is, I haven't made a concerted effort to pay with something using pennies in years. I only collect them, I never divest myself of them. If by some chance I happen to have one in my pocket and I'm paying for something with change, I may have one penny less. But usually I don't have pennies on me - I put them in my mug you see - and it's more pennies I get back.
My penny collection has convinced me that it's finally time the penny be taken out of production. Here are some numbers to consider, care of the CBC. Depending on whom you believe, it costs somewhere between 0.8 and five cents to produce one penny. In 2007, a survey conducted by the Canadian Mint found that 63% of retailers were in favour of ridding the economy of the one-cent coin. It seems crazy to think that there would be no way to pay for the smallest measure of currency, but there's nothing you can buy for less than a nickel anymore. And if there is, it's a case of the exception proving the rule.
There are enough pennies in circulation already, so you wouldn't necessarily need to adjust pricing up front. It could be phased out over time so we can all get used to it.
That's my thought. And I won't charge you a penny for it.
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