WINNIPEG, MB, CANADA (CBS) - Canada has decided to begin phasing out its penny.
Pat Martin says, "They cost more than they're worth, it's time to put them all out to pasture."
Pat Martin was the first to suggest retiring the one cent coin and he's still eyeing our change. Martin says, "Ideally you'd have a system where the lowest would be the 10 cent piece."
For the time being it's just the Penny being retired. Last spring, the federal government chose to stop production. Saying it would save the country $11 million annually. Christine Aquino with the Royal Canadian Mint says, "Will be collecting pennies from financial institutions across Canada and what we'll be doing is selling those pennies to a metal buyer and the mint will be reimbursed for the metal content."
The penny may not be financially viable but to many they are valuable. Last month alone D'acry Johnson collected 22,000d pennies; extra funds to keep this shelter running from helping animals to providing clean drinking water for children. Johnathan Sokoloski says, "You're saving someone's life that means a lot to me."
Charities want your pennies, but businesses don't. Prices are now being rounded based on government guidelines.
With the phase out officially underway, coin collectors are being inundated with enquires. Aquino says, "If you get into 1936 or older they can become more collectable but more recently than that they're just worth a penny."
So spend'em if you got'em. They remain legal tender. It's up to businesses if they'll counting your pennies.
What do you think about the American penny? Should it be phased out here in America? Let us know in the comments!