Auroch writes: "A drop in the bucket for the cash economy, or something more?
In the latest federal budget, the government will be instructing the bank of canada to eliminate the circulation of the penny. Canada has decided to finally rid itself of the penny. Following the example of Australia (and Brazil, Denmark, Finland, Israel, Mexico, as well as New zealand, to name a few), Canada will be reducing the penny to collector-only status, much like the 50 cent coin. Will the USA be next?
Anti-penny legislation has been around for several years, and the US mint is already sitting on millions of un-used and un-issued dollar coins. As the average use of the coin increases, the average cost-per-use decreases — so the cost of creating the coins is generally thought to be recovered through circulation. But if neither pennies nor dollars see much circulation, we may soon see a penny-less society in the USA. Perhaps this shift could lead to bitcoins (or another online currency) start to gain mainstream traction."