After working long enough in retail, along with being a consumer and a petty penny pincher, I have concluded that I am fed up with the epitome of bitch change. That's right assholes, the penny must die.
Now there is not really much to this argument so I'll keep things brief because I know you don't have to attention span to keep read anything over ten paragraphs in length.
Statistics to boil the blood:
- Canada spends 130 million dollars to producing the penny each year
- 1.2 billion pennies are produced per year in Canada
- There are an estimated 20 billion pennies in circulation currently
Lets break down the math. 1.2 billion pennies have a net value of 12 million dollars. 130 million spent on producing these 1.2 billion pennies means each penny is worth 0.1083 cents. The extra fraction of a cent spent on production doesn't seem like much until it's on a grand scale. So let's note that 0.0083 x 1.2 billion equals a net loss of 9.96 million dollars producing the penny per year.
Australia and New Zealand are on the ball, they did away with the penny several years ago and they currently round cash transactions to the nearest dime. Great idea. It has also been noted that there is almost no economical repercussions for rounding up or down as they seem to balance out.
So what do most of us do with our pennies? I personally either throw mine at people or store them in a cup holder or jar in hopes that someday I'll have enough pennies to buy a gallon of gas. A truly fantastic waste of resources. Hell, I don't even know people that bend over for anything short of a quarter.
Do away with the fucking penny, we don't use it, its a waste of precious copper, a waste of money to produce and its a fucking waste of space in my pocket.
No reason to keep it, so be gone with it.