A new bill was introduced yesterday that proposes the elimination of the Canadian penny. Abolishing a country’s smallest denominated coin is not new. It has certainly happened in the past, and several countries are publicly debating the issue or implementing a recall of their smallest coin right now.
As examples, in recent months and weeks there has been talk of Russia removing their one-kopek, Denmark saying goodbye to their 25-øre and Malaysia abandoning their one-sen.
Unlike the dilemma other countries face, like the U.S., the cost to manufacture the Canadian penny is actually less than its value. That’s one less obstacle to overcome for those who would like to keep it.
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Is the demise of the Lincoln penny approaching? Public sentiments appears slightly shifted toward its continual survival and the penny is guaranteed to be around for the next several years. The newly designed pennies for 2009 celebrating the bicentennial birth of Lincoln will see to that by itself.
But is sentiment for the penny changing and moving toward its elimination?
While the House is debating changes to the composition of coinage in order to make coins like the penny and nickel once again profitable to mint, more focus is placed on whether the penny should be produced at all. Even the latest House hearing had congressman pondering the pennies’ continuation.
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The debate heated up on whether the metal composition of coins should be controlled by the U.S. Treasury and whether the ban of melting pennies for their copper content should be lifted.
CoinNews.net had its own article on the topic and, like other news organizations, coin collectors and bloggers, everyone was interestingly awaiting some type of outcome.
More debates were expected this week with scheduled House hearings on the matter. The House Committee on Financial Services, chaired by Congressman Barny Frank and a co-sponser of the newest bill that’s made national news headlines, had a hearing scheduled for yesterday, November 8.
It looked to be an interesting event with witnesses, testimony and two panels set up in front of the Domestic and International Monetary Policy Subcommittee. The participants:
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So says Democrat Congressman Zack Space of Ohio who’s trying to help a company within his district. The company, Jackson Metals, would melt pennies for their copper content.
Helping businesses is hard to fault. But is newly proposed legislation that would benefit companies like Jackson Metals and change coinage laws the right thing to do? What would Jackson Metals, Rep. Space, the government and taxpayers really get from it?
First, some history…
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His gifts? They’re already in the works - hundreds of millions in new cents and up to 500,000 commemorative silver dollars.
Similar to the state commemorative quarters and Presidential $1 Coins, the Lincoln cent is getting a redesign.
Four cents - each with a different theme and release date - will start flowing into your pocket change in early 2009.
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