- April 12, 2012 - 17:45
Your comment is valid up until 1996, at which point the Canadian penny went from 97% copper, to about 2%. Like you said, This change was brought about by the penny becoming more valuable as raw material than as currency. Also why new pennies are attracted to magnets and the old ones are not. There's a wikipedia Page all about the pennies and their composition throughout history.
- April 12, 2012 - 07:40
Oh how grand it must be to be so ignorant of Canada's monetary system. The penny as it stands is a godsend. It's worth more tangibly than it is as a piece of FIAT currency and therein lies the real reason they are axing the penny. Ten Million dollars savings is a drop in the bucket. This is about maintaining control of the banks for if people discovered that holding a million dollars worth of pennies would appreciate in value as the price of the materials the pennies are made from increases more than the currency its self, they will have found a way to beat FIAT currency and manipulation by the banks outside of the normal pathways of Gold and Silver, that any joe blow could do. Think about it. saving up 50 dollars was a lot of money in 1962, fifty years later and it's not even enough to fill up the car. fifty dollars worth of pennies today will be worth far more than fifty dollars cash will be in fifty years. This creates an escape from inflation that the banking cartels and tories are happy to eliminate. Economic momentum is too great for the resources left on this planet. These are the same crooks that lend out 1.2 trillion dollars with only 4 billion dollars in reserve. Wake up and protect yourself from the coming economic collapse before it's too late. Buy Gold, Buy Silver and tell your politicians to end FIAT currency, Fractional Reserve banking and Compound interest - or you'll be wishing you'd saved your pennies.
- April 12, 2012 - 08:17
Stating that "change is good" sounds contradictory to me.....lol