Move Could Save $11 Million

Canada Cuts the Penny from the Budget

By Scott Sarvay

Canada Cuts the Penny from the Budget

March 30, 2012 Updated Mar 30, 2012 at 7:37 AM EDT

CANADA (Indiana’s NewsCenter) - Canada plans to save millions of dollars by getting rid of its penny.

Reports say the country will end production of Canadian pennies beginning this fall as part of its 2012 budget.

Government leaders say it costs a little over one-cent to mint each coin, and they hope to save about $11 million by eliminating them.

Canadians will still be able to spend their pennies while they gradually phase out of circulation.

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