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Currency

Canada Kills The Penny

Gone. iStockphoto.com hide caption

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Gone.

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Pennies cost more than a penny to make. So Canada has decided to get rid of them.

There is, of course, the inevitable social media protest, with die-hard fans mounting a campaign to #SaveThePenny.

But Finance Minister Jim Flaherty has called the penny "a nuisance," according to the Globe and Mail. Ditching the penny will save the government $11 million (Canadian) a year, the government estimates.

In the U.S., there have been complaints about the penny for years. And the Treasury is looking into ways to make pennies cheaper (each penny now costs more than 2 cents to mint).

The last Canadian penny will be minted next month. The Royal Canadian Mint will phase out its circulation to financial institutions this fall.