Canada to Retire the Penny

butilikethecookie writes: Canada's 2012 federal budget will eliminate production of the penny starting this fall in order to save costs. The budget claims that the coin is a "burden to the economy," as it it costs the Canadian government 1.6 cents to produce each penny — and Canada estimates that it will save about $11 million a year with its elimination. Canada joins a growing number of countries in sacking the penny, including Sweden, New Zealand, Mexico, Australia, Israel, Brazil, and others, and the penny debate is currently ongoing in the US. Looks like I'm done collecting Canadian Pennies. *sad face*